Swiss regulators hit BNP with more sanctions

Swiss regulators hit BNP with more sanctions


The Swiss regulator said in a statement on Tuesday its probe had found that BNP Suisse had "seriously violated its duty to identify, limit and monitor the risks involved in making transactions with business partners in countries under US sanctions.

While France's largest bank was found by US authorities to have breached sanctions on Cuba, Iran, Myanmar and Sudan, the Swiss wing had especially violated the sanctions against Sudan between 2002 and 2007, FINMA said.

In line with common international practice, Swiss authorities do not usually enforce foreign governments' legislation and would generally not step in to oblige companies to adhere to embargoes and sanctions imposed by anyone besides Bern, explained FINMA spokesman Tobias Lux.

Read more here: Business Spectator


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