Dubai-based Mashreqbank reaches $40 million settlement with New York regulator | Reuters

Dubai-based Mashreqbank reaches $40 million settlement with New York regulator | Reuters:

Dubai-based Mashreqbank MASB.DU has agreed to pay $40 million to the New York State Department of Financial Services for breaches in its anti-money laundering controls and gaps in its U.S. sanctions compliance program, the bank and the regulator said.

 The regulator found Mashreq and its New York branch failed to maintain an effective and compliant anti-money laundering program, a consent order from the New York State Department of Financial Services said late on Wednesday.

It also found Mashreq and the New York branch failed to maintain and make available at the branch appropriate books, accounts and records of transactions detailing investigations into any possible U.S. sanction breaches.