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.