Dubai-based Mashreqbank has agreed to pay $40mn to the New York financial authorities and to take a range of remedial measures related to compliance issues at its New York branch. The issues relate to Bank Secrecy Act and Anti Money Laundering issues.
Annual General Meeting held on 31 October
The Arab Bankers Association held its Annual General Meeting on 31 October.
The meeting approved the Association's accounts for 2016 and re-appointed the auditors. Hani Salem, the Treasurer gave an update on the Association's financial position, which remains healthy.
George Kanaan, the CEO, updated the members on recent events and plans for the next few months. He said that due to political events in the Middle East,this year's Gala Dinner has had to be postponed. The Christmas party will be held on 13 December.
Andrew Cunningham, the Association's Editor, updated members on the publication of Arab Banker magazine and on the Association's website.
No changes to the Board of Directors were tabled.
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