Fed Slaps BNP Paribas With $246M Fine for Trader Misconduct
The Federal Reserve Board has levied a $246 million civil penalty against BNP Paribas S.A. and some U.S. subsidiaries for "unsafe and unsound practices."
July 18, 2017 at 04:24 PM
8 minute read
The Federal Reserve Board has levied a $246 million civil penalty against BNP Paribas S.A. and its U.S. subsidiaries for “unsafe and unsound practices” related to manipulating foreign currency rates.
The Fed's action on Monday follows a May 24 fine announced against BNPP by the New York State Department of Financial Services for $350 million relating to the same issue. This brings the total penalty to $596 million.
The misconduct, which lasted from 2007 to 2013, involved at least a dozen BNPP employees in New York and other key foreign exchange trading hubs, including London and Tokyo, according to a consent order. All the employees involved have either been terminated, resigned or otherwise disciplined. One has pleaded guilty to criminal charges.
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