BNP Paribas relocating compliance operations to the U.S.


BNP Paribas (BNPQF) is moving its U.S. sanctions compliance operations to New York from Paris. The move comes at a time where the bank is under fire for breaching U.S. sanctions violations, and faces a possible $9B fine for moving money to countries including Iran, Sudan and Syria.

Relocating the team is not part of any settlement with the U.S., although the bank is looking to improve its compliance efforts, and mollify American regulators.

The U.S. has already received hundreds of millions of dollars for sanction violations from foreign banks Credit Suisse, Standard Chartered, Barclays, and others.

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