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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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September 19, 2014
07:08 EDTBNPQYBNP appoints former U.S. Treasury official to compliance unit, Reuters says
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September 15, 2014
07:49 EDTBNPQYDOJ, FBI 'flip' bank informants as part of forex probe, WSJ says
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September 8, 2014
06:24 EDTBNPQYBNP cuts Trafigura Beheer commodity-trade finance, Bloomberg says
BNP Paribas is reducing Trafigura Beheer's commodity-trade finance, according to Bloomberg, citing two people with knowledge of the matter. The sources noted that Trafigura executives have approached other firms to talk about BNP's exit. Reference Link

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