Mashreqbank agrees US$100 million settlement for Sudanese sanctions violations
Dubai-based Mashreqbank’s agreement to pay US$100 million in penalties for its deliberate omission of payment transactions with ties to Sudan in violation of US sanctions against the African country may serve as a warning to banks with US operations to diligently monitor their correspondent networks….
UK regulator brings first prosecution of a bank for money laundering
The UK’s Financial Conduct Authority (FCA) has announced that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under money laundering regulations enacted in 2007. This is the first criminal prosecution under the act by the FCA and the…
UAE introduces new beneficial ownership regulations
The UAE has introduced new rules for corporate entities incorporated in the mainland and in the non-financial free zones to keep registers of their real beneficial owners and shareholders. Companies subject to the new rules must file beneficial ownership information with the relevant registrar by…
