No impact in UAE

The regulatory action in the US is unlikely to have any direct impact on Mashreq’s operations in the UAE.

With the settlement reached with DFS, Mashreq wants to implement the required systems and quickly resolve all the concerns raised by the regulators and serve its customers at its best.

“The New York Branch continues to remain important to Mashreq’s role as a leading provider of correspondent banking and Trade Finance services. Mashreqbank remains committed to providing its customers with superior and robust banking services while maintaining and enhancing its compliance with regulatory expectations,” Mashreqbank said in a statement.