BNP Paribas fined for failing to fight money laundering

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June 3 2017

France’s banking watchdog has fined BNP Paribas 10 million euros for an apparent lack of enthusiasm for fighting money laundering. The body that oversees France’s banking and insurance sector, ACPR, found “several shortcomings” in BNP Paribas’s anti-money laundering measures in 2015, in particular a number of failures to tip off the anti-money laundering and terror finance authority of suspicious activities. ¬†An inspection revealed inadequate staffing and ineffective methods for detecting “atypical operations”.