BNP Paribas Pleads Guilty, Pays $90 Million Fine for FX-Rigging
BNP Paribas has pleaded guilty and will pay a criminal fine of $90 million for foreign exchange price-rigging charges to the United States Department of Justice. Between September 2011 and July 2013, BNP Paribas (USA) had conspired to suppress and eliminate competition by fixing prices in Central and Eastern European, Middle Eastern and African (CEEMEA) currencies, in violation of the Sherman Act. They had manipulated prices on the electronic FX trading platform by creating non-bona fide trades, coordinating bids and offers and pre-fixing currency prices quoted to clients.
” BNP Parbas Pays $90 Million for FX-Rigging “
BNP Paribas will not be subjected to further probation, with the French European bank already focusing substantial efforts on compliance and remediation, and cooperating fully with the government’s ongoing criminal investigation into the FX market. BNP Paribas is the 6th major bank to plead guilty to FX-rigging, with Citicorp, JPMorgan Chase, Barclays, RBS and UBS collectively paying more than $2.7 billion of fines.
Source: Department of Justice
About BNP Paribas
BNP Paribas is a leading provider of banking and financial services in Europe. It is present in 75 countries with nearly 188,000 employees. The Group holds key positions in its 2 core activities: Retail Banking & Services, comprising Domestic Markets and International Financial Services; and Corporate & Institutional Banking
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