BNP Paribas announces settlement with NY DFS regarding its inquiry into activity in the FX markets from 2007 to 2013

BNP Paribas 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.

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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.

Next Finance May 2017

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