BNP Paribas fined US$246m by Fed over currency manipulation
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
[WASHINGTON] BNP Paribas SA was fined US$246 million by the Federal Reserve for failing to prevent its currency traders' from using electronic chatrooms to manipulate prices, according to a Monday statement from the regulator.
The Fed said the Paris-based lender's deficiencies - which already led to a US$350 million settlement in May with the New York Department of Financial Services - constituted unsafe and unsound practices and ordered the bank to improve its oversight and internal controls over foreign-exchange trading.
Earlier this year, a former BNP Paribas trader, Jason Katz, pleaded guilty to violating federal antitrust laws. The Fed barred him from the US banking industry in January.
BLOOMBERG
Share with us your feedback on BT's products and services
