BNP Paribas today announced a settlement with the New York State Department of Financial Services (DFS) relating to its investigations into past misconduct in BNP Paribas’ foreign exchange business.
Under this settlement, BNP Paribas will pay a fine of USD 350 million (approximately 310 million euros) which will be covered by existing provisions.
In reaching this settlement, the DFS 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 led to this settlement, which was a clear breach of the high standards on which the Group 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.
BNP Paribas is a leading bank in Europe with an international reach. It has a presence in 74 countries, with more than 192,000 employees, including more than 146,000 in Europe. The Group has key positions in its three main activities: Domestic Markets and International Financial Services (whose retail-banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: corporate clients and institutional investors. The Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance.
In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer lending.
BNP Paribas is rolling out its integrated retail-banking model in Mediterranean countries, in Turkey, in Eastern Europe and a large network in the western part of the United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific.