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The Brussels-based subsidiary of BNP Paribas, France’s largest lender by assets, has been fined €15 million after the National Bank of Belgium, or NBB, discovered egregious flaws in the institution’s protocols for detecting and reporting potentially illicit transactions. An inspection conducted by the NBB from April 2019 to January 2020 determined that the subsidiary, BNP Paribas Fortis, used “incomplete and inappropriate” transaction-monitoring rules for detecting potentially illicit transactions that failed to account for the risks of certain financial products, clientele, payment destinations and methods of delivery, the regulator disclosed Monday. “The described infringements relate to a considerable number of acts...