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United Arab Emirates Mashreqbank fined $100 million for Sudanese sanctions violations.

Posted by: Zaher Fallahi
Posted On: Nov 15, 2021

November 09, 2021

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a Finding of Violation (FOV) to Mashreqbank psc for violations of the now-repealed Sudanese Sanctions Regulations (SSR), as part of a global settlement between Mashreqbank psc (Mashreqbank), the New York State Department of Financial Services (DFS), and the Federal Reserve Board of Governors (FRB). 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. OFAC determined the appropriate administrative action in this matter was a FOV in lieu of a civil monetary penalty 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.

Zaher Fallahi, Iran OFAC License Attorney, CPA, assists Iran OFAC license clients with obtaining Iran OFAC licenses, Iran OFAC license violations, Iran OFAC license related money transfers according to Iran OFAC License Regulations, and Iran OFAC license transactions taxation, and Foreign Gifts. Nationwide Consultations are available via toll free 1-(877) 687-7558, (310) 719-1040, (714) 546-4272, and email taxattorney@zfcpa.com