Fed Fines Bnp Paribas $246 Million On ‘Unsafe And Unsound’ Foreign Exchange Practices

In January, the Fed permanently banned a former BNP Paribas trader from the banking industry for his role in a manipulating foreign exchange prices.
At least 4 banks now fined by the Fed in forex scandal 58 Mins Ago | 00:54The Federal Reserve Board said Monday that it will fine BNP Paribas and some subsidiaries $246 million for their “unsafe and unsound practices in the foreign exchange (FX) markets.
In May, New York state regulators fined BNP Paribas $350 million for similar allegations of currency market manipulation.
BNP Paribas said it has since strengthened internal oversight and compliance measures, but pledged to continue those improvements.
BNP Paribas said in a statement that it “deeply regrets the past misconduct which was a clear breach of the high standards on which the Group operates.

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