The U.S. Department of Justice announced an $8.8 billion deal with BNP Paribas to settle charges that the French bank hid $30 billion in transactions that violated U.S. sanctions against countries like Iran and Sudan. Per The Guardian:
BNP Paribas is not alone. Large financial institutions seem to routinely violate US securities laws, with such reliable frequency that plenty of observers have questioned whether these institutions can ever be properly managed.
“New York State will not allow companies to break the law, especially when they put our national security at risk,” New York Governor Andrew Cuomo said. “This enforcement action should serve as a warning to any company that provides financial support to global terrorism and enables human rights atrocities: our Department of Financial Services is an effective and forceful regulator, and we will continue to enforce our anti-money laundering rules.”
In addition, 13 individuals were terminated by or separated from the bank as a result of the investigation, including George Chodron de Courcel, group chief operating officer.
