French Banking regulator ACPR has levied a ten million Euro fine upon BNP Paribas, for anti-money laundering and countering the financing of terrorism shortcomings. The bank reportedly failed to file Suspicious Activity Reports, had inadequate compliance staff, and failed to implement improvements previously promised to regulators. The bank has a history with US regulators as well.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant