French banking giant BNP Paribas announced today that it is replacing its top compliance chief and undertaking a major reorganization to strengthen its compliance and internal control functions, following its record $8.9 billion settlement with the Justice Department this month for U.S. sanctions violations.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...