BNP was warned of sanctions risk in 2006

Posted on Friday, 06.13.14



Report: BNP was warned of sanctions risk in 2006

THE ASSOCIATED PRESS



PARIS -- A leading French newspaper is reporting that lawyers for BNP

Paribas warned the French bank in 2006 that some of its transactions

could be in violation of U.S. sanctions against Iran and other countries.



The report Friday in Le Monde cited 2006 memos from at least two

American legal firms.



The bank, France's largest, could face a multibillion dollar fine over

currency transactions for clients in Iran, Sudan and Cuba in violation

of U.S. trade sanctions between 2002 and 2009. The French government is

lobbying the U.S. to reconsider the fine, which would be among the

largest ever brought against a company.



BNP on Thursday announced the early retirement of Chief Operating

Officer Georges Chodron de Courcel, whose departure had been sought by

U.S. banking regulators.



Source: PARIS: Report: BNP was warned of sanctions risk in 2006 -

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http://www.miamiherald.com/2014/06/13/4175884/report-bnp-was-warned-of-sanctions.html