rfi

On air
  • RFI English Live
  • Latest Bulletin
  • RFI French Live

Money-laundering France BNP Banking

Issued on • Modified

BNP Paribas fined for failing to fight money laundering

media
BNP Paribas HQ at Fontenay-sous-Bois, eastern Paris Reuters/Charles Platiau

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".

And it found that the bank dragged its feet in implementing an overhaul of its operations that it had officially decided to implement in 2013.

The failures had an effect on France's entire effort to fight money laundering and terror finance, ACPR said.

But it did accept that BNP Paribas has made a significant effort to improve matters, while suspending judgement as to their efficacy.

The bank admitted "organisational shortcomings" and said it had completely reorganised its procedures since.

The fine is higher than the total amount of 6.47 million euros imposed in the 11 judgements passed in 2016.