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Stock Market & Financial Investment News

News Breaks
July 1, 2014
06:28 EDTBNPQYFINMA closes proceedings against BNP Paribas
The Swiss Financial Market Supervisory Authority conducted enforcement proceedings against BNP Paribas. The proceedings focused on the bank's compliance with US sanctions, especially those issued against Sudan. FINMA has concluded that in particular between 2002 and 2007 the bank persistently and seriously violated its duty to identify, limit and monitor the inherent risks, subsequently breaching supervisory provisions. FINMA has ordered additional capital requirements for operational risks and banned the bank from conducting business with companies and persons subject to EU and US sanctions. The US authorities conducted an investigation against the BNP Paribas regarding the violation of US sanctions against Cuba, Iran and Sudan. FINMA also examined whether the Swiss company, the BNP Paribas had breached Swiss supervisory law in this regard. During the probe, FINMA examined how BNP Suisse identified, limited and monitored the risks emanating from its cross-border trading business from 2002 to 2011. Business developments with business partners in countries sanctioned by the US, the bank's business and monitoring policy since 2002 and compliance with internal rules and regulations were also examined. The probe conducted by FINMA revealed that, particularly in the case of Sudan, the bank had ignored and violated US sanctions up to 2011, particularly during the period from 2002 and 2007. Reference Link
News For BNPQY From The Last 14 Days
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January 28, 2015
16:56 EDTBNPQYFederal judge says FOREX manipulation case to proceed, Reuters reports
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January 21, 2015
08:18 EDTBNPQYBNP Paribas discussing potential job cuts in January 27 meeting, Reuters says
BNP Paribas will hold an exceptional meeting with its works council on January 27 regarding potential job cuts, reports Reuters, citing French paper Les Echos. The paper cited a union representative, who stated the number of job cuts "should not" exceed 373, while the company's top bankers will see a 50% average cut in bonuses. Reference Link

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