BNP Paribas nears completion of review over possible breach of U.S sanctions

Dollars

BNP Paribas has almost completed an internal review into dollar payments that may have been made in breach of U.S. economic sanctions, saying it will now present its findings 'in the near future'.

Reuters reports that the review, which according to BNP has lasted several years, forms part of the bank's continuing negotiations with the U.S. authorities which have already imposed hefty fines on other banks for breaching sanctions against Iran and a number of other countries.

The review covers a significant volume of transactions that, even though they may not have been prohibited by the laws of the countries of the bank entities that initiated them, may be considered impermissible under U.S. regulations," BNP said in the latest update of its annual report that was posted online on 31st October.

'The bank is not currently able to estimate without a substantial degree of uncertainty the specific amount or even the general magnitude of the possible consequences of this review, including in terms of fines or penalties, on its results of operation and financial condition'.

However, BNP noted that similar probes at other banks have resulted in the payment of 'significant' fines.

To access the complete Reuters article hit the link below:

BNP Paribas close to presenting to U.S. sanctions probe findings

FCA to begin major review of wholesale financial markets

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