Beleaguered bank BNP Paribas SA will move several top compliance positions to New York City in a bid to please the U.S. Justice Department and American regulators preparing to fine the institution. The Paris-based bank could pay as much as $3.5 billion for violating sanctions against Sudan, Cuba and Iran, Bloomberg reported Tuesday, citing multiple unnamed sources. The bank said in April that it could pay more than the $1.1 billion it had previously set aside for a potential settlement with federal and state investigators looking into the matter. As a result of the violations, which involve the removal of...
France's decision to drop plans to launch a new corporate settlements program as part of a broader anti-corruption campaign could stymie future bank cooperation with investigators, according to industry experts.
An expected New York State regulatory proposal is likely to raise questions on how much senior bank executives can and should know about their anti-money laundering programs, according to compliance experts.
"This time it's personal" was a promo line for "Jaws: The Revenge," the unsuccessful fourth Jaws movie featuring a great white shark that pursues a family from New England to the Bahamas. To the degree regulators are pursuing individuals for compliance failures, this time IT IS personal too.
The U.K.'s SFO froze approximately $23 million in an investigation examining alleged corruption in Ukraine, seventy-nine individuals have been arrested in Israel for alleged drug trafficking and money laundering, and more, in the midweek roundup.
Ongoing negotiations between U.S. officials and France's largest bank that could result in a monetary settlement of more than $1 billion involve violations of sanctions against Iran and Sudan, say sources.