FINRA (*Financial Industry Regulatory Authority) has imposed a $15m fine on BNP Paribas Securities Corp. and BNP Paribas Prime Brokerage, Inc. over anti-money laundering breach and supervisory failures involving penny stock deposits and resales, and wire transfers, that spanned four years.
As per FINNANCEFEEDS, despite its penny stock, BNP was
failed to develop and implement a written AML program that could reasonably be
expected to detect and cause the reporting of potentially suspicious
transactions from Feb 2013 to March 2017.
FINRA found that BNP had processed over 70,000 wire
transfers with a total value of $233 billion, including more than $2.5 billion
sent in foreign currencies, during the period.
To date, BNP hasn’t released any statement against the allegations but agreed to certify within 90 days that its procedures are reasonably designed to achieve compliance in these areas.
Source - FinanceFeeds
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