Germany's largest bank Wednesday agreed to pay U.S. state and federal regulators $258 million to resolve allegations that its Manhattan branch knowingly processed billions of dollars of banned transactions.
Banks who routinely process correspondent transactions still have limited means of preventing unscrupulous third parties and overseas institutions from using the wrong messaging format, sources told ACAMS moneylaundering.com.
BNP Paribas pleaded guilty and agreed to pay nearly $9 billion to settle charges that it knowingly violated U.S. sanctions against four nations despite previous warnings from American officials.
As U.S. officials and bankers debate the merits and drawbacks of an expected $10 billion sanctions settlement with BNP Paribas, their French counterparts are offering a more unified response: outrage.
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