BNP Paribas has reached a settlement with the board of governors of the Federal Reserve System (FRB) following misconduct in its foreign exchange business and will pay a further $246m fine.
The firm was fined for activities in the FX market between 2007 and 2013 where, according to the BBC, the authorities said traders at different firms including BNP Paribas, used online chat to share details of currency bids without sufficient oversight from their banks. This follows a $350m fine announced in May, which BNP Paribas settled with the New York State Department of Financial Services for misconduct relating to the same issue. By reaching the settlement, it said the FRB has acknowledged BNP Paribas's remediation initiatives and its cooperation during the investigation. BN...
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