FINRA Fines BNP $15M For Anti-Money Laundering Failures
Law360 (October 24, 2019, 7:05 PM EDT) -- The Financial Industry Regulatory Authority fined a BNP Paribas unit $15 million Thursday over what it alleged were long-neglected shortcomings in the broker-dealer's anti-money laundering program that allowed billions of dollars’ worth of suspicious penny stock and foreign currency transactions to flow through its systems unchecked and unreported.
BNP’s senior management allegedly failed to act on repeated warnings from staff that the firm’s threadbare AML program, which for two years had only one investigator monitoring tens of thousands of wire transfers, made it an “outlier in the industry” and would expose it to the wrath of regulators, FINRA said in an...
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