Reports: BNP Paribas involved in French money laundering probe
By 
Aaron Nicodemus2023-12-28T18:57:00
French authorities are investigating alleged “aggravated money laundering” contained in transfers between a BNP Paribas affiliate and a Cypriot brokerage firm that might have benefitted a Russian warlord, according to media reports.
French newspaper Le Monde reported Tuesday that French judicial authorities were targeting “numerous suspicious financial flows” from 2019-21 between Cyprus-based brokerage firm TCR International Limited and its banking partner, which at the time was BNP Paribas Securities Services.
The amounts of the suspicious transfers were more than 220 million euros (U.S. $244 million), according to Le Monde.
Related articles
-
PremiumU.S. rule package seeks to expand DOJ anti-corruption powers
A package of seven legislative proposals put forward by the Biden administration would enhance the capabilities of the Department of Justice to bring money laundering and racketeering charges related to corruption, according to a senior agency official.
-
News BriefNew European AML agency nearing adoption
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
-
News BriefCanada’s AML agency fines RBC $5.5M over suspicious transaction reports
Royal Bank of Canada was assessed an administrative penalty of nearly 7.5 million Canadian dollars (then-U.S. $5.5 million) in November by the country’s financial intelligence agency for alleged deficiencies in its suspicious transaction reporting mechanisms.
More from Regulatory Enforcement
-
ArticleEU targets crypto, fintech firms in push to tackle money laundering
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.
-
ArticleCalifornia, Colorado, and Connecticut launch joint crackdown on privacy violators
California, Colorado, and Connecticut launched a joint enforcement sweep against businesses that fail to honor consumers’ online opt-out requests, the states announced Tuesday.
-
News BriefFreight forwarder fined $1.6M after using OFAC-blocked Venezuelan, Iranian carriers
A Houston-based freight forwarder, Fracht FWO Inc., will pay $1.6 million for violating U.S. sanctions tied to Venezuela and Iran, according to the Treasury Department’s Office of Foreign Assets Control (OFAC). The fine comes as OFAC ramps up enforcement in recent months.