NEW YORK, Jan. 26, 2018 (GLOBE NEWSWIRE) -- BNP Paribas USA Inc. (BNP Paribas USA), a subsidiary of BNP Paribas, today announces a settlement agreement with the US Department of Justice (DoJ) relating to past misconduct in the Bank’s foreign exchange business.
The settlement includes an agreement to a guilty plea by BNP Paribas USA to a single violation of the Sherman Antitrust Act and a fine of USD 90 million, which will be covered by existing provisions. This follows an admission by a former BNP Paribas Securities Corp. (a subsidiary of BNP Paribas USA) employee to an antitrust conspiracy that covered his tenure with BNP Paribas Securities Corp. and other banks.
This settlement completes investigations into BNP Paribas’ foreign exchange business conducted by the DoJ, the New York State Department of Financial Services and the Board of Governors of the Federal Reserve System.
In reaching this settlement, the DoJ acknowledged BNP Paribas’ Group-wide remediation efforts and the full cooperation of BNP Paribas during the investigation.
The conduct which led to this settlement occurred during the period from 2011 to 2013. Since this time, BNP Paribas has proactively implemented extensive measures to strengthen its systems of control and compliance, 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 USA became an intermediate holding company in July 2016 as required by Federal Reserve Regulation and at such time and thereafter elected the current independent directors, who had no role at BNP Paribas USA before July 2016.
BNP Paribas USA deeply regrets the past misconduct that led to this settlement, which was a clear breach of the high standards on which it operates. Conducting its business in a responsible and ethical manner is a cornerstone of BNP Paribas’ values and the Group will continue to make improvements to ensure that it delivers on its responsibilities to all its stakeholders.
Press Contacts BNP Paribas USA
Ilias Catsaros
+ 1 212 841 2047 / +1 917 254 6365
ilias.catsaros@us.bnpparibas.com
Mylene Benmoussa
+1 212 841 2351/ +1 917 214 0486
mylene.benmoussa@us.bnpparibas.com
BNP Paribas has built a strong and diversified presence in the United States to support its client base. The bank employs over 16,000 people and has had a presence in the USA since the late 1800s. Bank of the West and First Hawaiian Bank (together BancWest, part of Retail Banking & Services) serve around 2.5 million individuals, and businesses through a network of more than 650 branches and business centers. Large corporate and institutional clients are serviced by BNP Paribas’ Corporate & Institutional Banking franchise that has a presence in the main US cities, in addition to a global reach through a network of offices in EMEA and APAC. The bank also offers asset management services through BNP Paribas Asset Management (part of Retail Banking & Services) as well as Real Estate and Fleet Services through partnerships. www.usa.bnpparibas