BNP Paribas to pay $246M in forex settlement with Federal Reserve
BNP Paribas announced a settlement with the Board of Governors of the Federal Reserve System relating to past misconduct in its foreign exchange business. Under this settlement with the FRB, BNP Paribas will pay a fine of $246M which will be covered by existing provisions. This follows the announcement by BNP Paribas of a settlement with the New York State Department of Financial Services on the May 24 May relating to the same issue. BNP stated: "In reaching this settlement, the FRB acknowledged the Group wide remediation initiatives and the full cooperation of BNP Paribas in the investigation. The conduct which led to this settlement occurred during the period from 2007 to 2013. Since this time, BNP Paribas has proactively implemented extensive measures to strengthen its systems of control and compliance. The Group has increased resources and staff dedicated to these functions, conducted extensive staff training and launched a new Code of Conduct which applies to all staff. BNP Paribas deeply regrets the past misconduct which was a clear breach of the high standards on which the Group operates."