BNP Paribas: agreement with Fed on forex case.
(CercleFinance.com) - BNP Paribas has announced that it has reached an agreement with the US Federal Reserve regarding breaches in past forex activities between 2007 and 2013, by which it will have to pay a fine of 246 million dollars, which is covered by existing provisions.
Under the agreement, which follows the previous agreement with the New York DFS on 24 May, the Fed acknowledged initiatives undertaken to improve the situation by the banking group, as well as its full cooperation in this investigation.
BNP Paribas has said that it has implemented steps to strengthen its control and compliance systems, and has increased the resources dedicated to these functions. It has also enacted a new code of conduct for all employees.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Under the agreement, which follows the previous agreement with the New York DFS on 24 May, the Fed acknowledged initiatives undertaken to improve the situation by the banking group, as well as its full cooperation in this investigation.
BNP Paribas has said that it has implemented steps to strengthen its control and compliance systems, and has increased the resources dedicated to these functions. It has also enacted a new code of conduct for all employees.
Copyright (c) 2017 CercleFinance.com. All rights reserved.