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02 June 2017 - BNP Paribas fined for poor AML controls
BNP Paribas
Source - https://uk.reuters.com/article/uk-bnp-paribas-moneylaundering-idUKKBN18T2JE
Where - France
Cost - 10,000,000 EUR
Business line - Payments and Settlement

France’s banking regulator, the French Prudential Supervision and Resolution Authority (ACPR) has fined BNP Paribas €10m for AML failures.

The regulator claims the bank did not have enough staff dedicated to identifying suspicious transactions and that the tools it had in place for this purpose were inefficient.

The fine is as a result of an inspection carried out by the ACPR in 2015 as part of a wider crackdown on money laundering and terrorist financing, according to Reuters.

BNP is yet to release a public statement on whether it will appeal against the regulator’s decision to fine the bank.

The watchdog has attributed the size of the fine to the seriousness of the bank’s regulatory shortcomings and it’s importance as such a large financial institution.

The bank was also fined US$9bn in 2014 by US regulators for violating sanctions against Sudan, Cuba and Iran.