• 25 Jun 2014 at 11:56 AM
  • Banks

BNP Paribas To Keep An Eye On Its U.S. Operations From U.S.

That and about $9 billion should get the Treasury Department off its back.

BNP Paribas SA is relocating its U.S. sanctions compliance operations to New York from Paris, ahead of a nearly $9 billion (£5.31 billion) settlement it is expected to reach with U.S. authorities over violations of sanctions on Sudan and other countries, according to people familiar with the matter.

The move is not specifically part of the settlement agreement being hammered out. But France’s largest bank decided to transfer the operations as part of its efforts to improve compliance and proactively appease U.S. regulators, according to one of four sources interviewed by Reuters….

BNP is also expected to transfer some related efforts that supervise dollar-clearing operations to New York, one source said…..

BNP is now trying to fill more than 200 jobs in the United States that have compliance responsibilities, a search of its website shows, including many for its California-based Bank of the West unit. One of the jobs includes a vice president position in New York for BNP Paribas to investigate accounts for anti-money laundering and other risks.

Exclusive – BNP said to move compliance operations to U.S. as settlement nears [Reuters]

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Comments (4)

  1. Posted by Jack Torse | June 25, 2014 at 12:11 PM

    They are a 5th tier investment bank. Nothing will change that. I guess scarf retail will be booming this summer so a silver lining there. Other than I have no concerns

  2. Posted by Guest | June 25, 2014 at 12:50 PM

    I would have thought the deals are being done out of Europe and the dollar clearing is only hit because that was the currency of the deal.

  3. Posted by Guest | June 25, 2014 at 12:51 PM

    First tier in France

  4. Posted by UFO | June 25, 2014 at 5:49 PM

    9 BILLION DOLLARS…..AAAAAAHAHAHAHAHAHAHAHA

    – everyone