New York’s Department of Financial Service fined UAE-based Mashreqbank and its New York branch USD40mn for violations of the U.S. Bank Secrecy Act and anti-money laundering laws. The state says the bank failed to comply with laws aimed at combating international money laundering, terrorist financing and threats by failing to provide adequate oversight of transactions in high-risk regions. The bank is cooperating with the department and must engage an independent third-party consultant to oversee and address issues in the New York branch’s compliance. Mashreqbank reported a net profit of AED2bn in 2017 (cUSD545mn) and had an equity base of AED20.3bn (cUSD5.5bn).