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Exception Tracking Spreadsheet (TicklerTrax™)
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UAE bank cited for violations of Sudanese sanctions

The Office of Foreign Assets Control and the Federal Reserve Board have cited Mashreqbank psc for violations of the now-repealed Sudanese Sanctions Regulations (SSR), as part of a global settlement between Mashreqbank, the New York State Department of Financial Services (DFS) and the Federal Reserve Board of Governors. The violations related to Mashreqbank’s processing of payments through U.S. financial institutions that related to U.S. dollar transfers from accounts of Sudanese banks held outside the United States. Mashreqbank psc is a commercial bank headquartered in Dubai, United Arab Emirates, that maintains a branch in New York, New York.

OFAC issued a Finding of Violation to Mashreqbank. rather than a civil money penalty order, in part because Mashreqbank voluntarily entered into a retroactive statute of limitations waiver agreement, without which OFAC would have been time-barred from charging the violations.

The Federal Reserve Board on Tuesday announced it has issued a consent cease and desist order to Mashreqbank.

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