New York State Department of Financial Services Fines BNP Paribas $350 Million For Illegal, Unsafe And Unsound Conduct In Connection With BNPâs Foreign Exchange Trading Business - Foreign Exchange âCartelâ Manipulated Foreign Exchange Rates, Engaged In Collusion, Executed Fake Trades, Coordinated Trading To Enhance Profits At Customersâ Expense, And Improperly Shared Confidential Customer Information For Many Years - DFS Directs Bank To Improve Senior Management Oversight And Risk Management Policies And Procedures

Financial Services Superintendent Maria T. Vullo today announced that BNP Paribas S.A. (BNPP) and its New York branch will pay a $350 million fine as part of a consent order entered into with the New York State Department of Financial Services (DFS) for significant, long-term violations of New York banking law arising out of the Bank’s global foreign-exchange business.  The violations announced today include major deficiencies in the Bank’s oversight that allowed nearly unfettered misconduct by more than a dozen BNPP traders and salespeople.