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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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