Yet another corporate investigation, this one at the French bank BNP Paribas S.A. (BNPP), cites lax in-house lawyers and compliance officers for allowing the company to commit criminal acts. And several of them have been terminated.
On June 30, the U.S. Department of Justice announced a guilty plea and a record $8.8 billion settlement with BNPP over its dealings with Sudan, Iran and Cuba while those countries were subject to U.S. sanctions. Legal documents filed by regulators and with the bank’s plea deal point to legal and compliance officers who clearly knew about the misconduct from 2002 to 2012 but didn’t act to stop it.
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