bnp paribas settlement to come next week
Last Updated : GMT 12:34:52
Arab Today, arab today
Arab Today, arab today

BNP Paribas settlement to come next week

Arab Today, arab today

Arab Today, arab today BNP Paribas settlement to come next week

BNP Paribas
New York - AFP

US regulators next week plan to announce a $9 billion settlement with BNP Paribas to settle charges the French bank violated American sanctions, a person familiar with the talks said.
After lengthy negotiations, the French bank, the US Department of Justice and New York state banking regulator Benjamin Lawsky have reached a broad agreement on a settlement, said the person, who spoke on the condition of anonymity.
BNP Paribas has agreed to a $9 billion penalty and to a suspension of its dollar-clearing functions, the person said. The duration of the suspension has not yet been determined.
Also unresolved is whether the bank will plead guilty to a criminal charge and whether BNP Paribas will fire top employees whom US officials have said should be forced out, the source said.
The case concerns charges BNP Paribas breached US sanctions against Iran, Sudan and Cuba between 2002 and 2009 by handling $30 billion worth of transactions with them.
Sources also confirmed that Lawsky appointed a corporate monitor within the US offices of BNP Paribas late last year to keep an eye on the bank's activities.
The monitor is Shirah Neiman, a former deputy United States attorney in Manhattan, according to a New York Times report confirmed by two sources to AFP.
Since her arrival, Neiman has demanded documents from senior bank officials and undertaken last-minute audits with no advanced warning, a source said.
New York regulators are also close to appointing a corporate monitor at Credit Suisse, which in May agreed to pay $2.6 billion and plead guilty to a charge it helped Americans evade taxes.
The likely appointee at Credit Suisse is Neil Barofsky, a former federal prosecutor who oversaw the Troubled Asset Relief Program, the federal government program launched to bail out banks amid the 2008 financial crisis, a source said.
In the case of BNP Paribas, an internal report pointed as early as 2006 to "an operational risk" for the bank, linked to a "lack of supervision" on sanctions compliance.

The internal investigation, unveiled in the Wednesday issue of the French magazine "L'Express" was carried out by the bank's general inspector's office, under the direct authority of the executive board and charged with auditing the various departments, in particular on compliance issues.
The report "increased warnings, especially about the legal risks the bank could find itself exposed to."
It highlighted dysfunctions on "unusual and remarkable transactions" and on the fact that "the measures relating to complying with the embargoes are not spelled out," the magazine said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bnp paribas settlement to come next week bnp paribas settlement to come next week

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bnp paribas settlement to come next week bnp paribas settlement to come next week

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday