1. BNP Paribas could face record fines for OFAC violations

Although BNP has reserved $1.1 billion for settlement, the amount assessed against the bank could be significantly larger. […] The final penalties will be determined by the regulatory agencies once they complete their analysis of all offending transactions and decide the appropriate amount of restitution. Because banks often set aside less money than they will eventually need for settlement, it is quite possible that BNP’s future settlement with OFAC could be record-shattering.

Read: $1.1 Billion and Counting – The New Era of OFAC Enforcement»

    BNP Paribas could face record fines for OFAC violations

    Although BNP has reserved $1.1 billion for settlement, the amount assessed against the bank could be significantly larger. […] The final penalties will be determined by the regulatory agencies once they complete their analysis of all offending transactions and decide the appropriate amount of restitution. Because banks often set aside less money than they will eventually need for settlement, it is quite possible that BNP’s future settlement with OFAC could be record-shattering.

    Read: $1.1 Billion and Counting – The New Era of OFAC Enforcement»

Notes

  1. jdsupra-law-news posted this