Anti-Financial Crime & Financial Crime Compliance
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Joint sanctions violation probe lands Emirati bank with $100M penalty from one US agency, and a simple ‘finding of violation’ from the other

By Dan Byrne for AMLi

Two US enforcement agencies have differed greatly in their handling of the country’s latest sanctions-violation case.

Masreqbank PSC, based in Dubai, has been hit with a $100M fine from New York State’s Department of Financial Services (DFS), while at the same time the national Office of Foreign Assets Control (OFAC) has let the bank away with a simple “finding of violations”. No monetary penalty.

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