BNP Paribas fined $246m by US Federal Reserve
BNP Paribas is the latest in a long line of financial service companies to be penalised for misconduct during the financial crisis on both sides of the Atlantic.
BNP Paribas is the latest in a long line of financial service companies to be penalised for misconduct during the financial crisis on both sides of the Atlantic.
BNP Paribas is facing fines of $246m (€215m) from the US’ Federal Reserve for misconduct in its foreign exchange business from 2007 to 2013.
This follows a previously announced settlement with the New York State Department of Financial Services on May 24 relating to the same issue.
The federal reserve has acknowledged company-wide remediation initiatives and the full cooperation of BNP Paribas in the investigation.
The bank said that since 2013, it “has proactively implemented extensive measures to strengthen its systems of control and compliance”.
Barclays and four senior employees were all charged on June 20, including John Varley, Barclays’ former CEO, for misconduct during the financial crisis.
This surprised the industry as the UK’s Serious Fraud office brought criminal charges against individuals rather than fining the company they acted on behalf of.
On July 5, the UK’s Financial Conduct Authority (FCA) published its annual report detailing the number of financial penalties it has made since 2014.
Image sources: FCA, July 2017