BNP Denies Negligence In Failing To Stop £7M Fraud
By Silvia Martelli (September 30, 2021, 2:46 PM BST) -- BNP Paribas SA is fighting back against accusations that it failed to prevent a $7 million fraud against Azerbaijan's state-run oil company, saying that it carried out all the necessary checks before authorizing the payment.
The French bank told the High Court in a defense Monday that it was not negligent when approving the August 2019 payment, rejecting accusations brought by Azerbaijan (ACG) Ltd., a subsidiary of the State Oil Co. of Azerbaijan Republic.
"The bank was entitled to process [the transaction], having acted in good faith and having taken reasonable steps to validate [it] in accordance with its usual authentication...
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