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The Paris-based lender said Thursday that it set aside $1.1 billion to cover potential penalties from any violations, which, according to a person familiar with the matter, are being probed by federal and New York state officials. A previously disclosed internal probe conducted over the past few years uncovered “a significant volume of transactions” from 2002 to 2009 that could be “considered impermissible under U.S. laws and regulations including, in particular, those of the Office of Foreign Assets Control,” the bank said….
People familiar with the matter said the French bank is being probed over transactions by entities that were doing business in countries that were subject to U.S. sanctions including Iran, Cuba, Sudan and Libya.
The government probes are being conducted by New York state and federal investigators and are focused on both money laundering and U.S. sanctions violations that went through BNP Paribas units in the U.S., one of the people said. A deal with authorities isn’t imminent and a penalty figure hasn’t been agreed upon, the person familiar with the matter said.