BNP and DOJ close in on settlement for sanctions violations

BNP would pay up to $9 billion and agree to guilty plea

Due in large part to the crippling penalties imposed on companies caught distorting their dealings, transparency has become the standard for the financial industry. But despite examples being made of such financial firms as RBS and Credit Suisse, some banks are still learning the hard way that shady dealings often mean shelling out a sizeable amount to the U.S. regulators.

On June 23, France-based BNP Paribas SA became the latest to feel the wrath of Department of Justice (DOJ) for violating international law and standard transparency practices. The two groups are said to be closing in on a settlement of up to $9 billion and a series of additional penalties.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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