BNP Paribas hires ex-U.S.Treasury official for compliance job
BNP Paribas (BNPP.PA) has hired a former top official at the U.S. Treasury Department’s sanctions office, people familiar with the matter said, part of the French bank’s effort to build up its compliance department after its record settlement over sanctions violations.
Sean Thornton, a former chief counsel at Treasury’s Office of Foreign Assets Control, will become legal counsel for Paribas’ U.S. sanctions compliance group, one of the people said. He will head the Group Financial Security U.S. legal team.
BNP Paribas in June agreed to pay U.S. authorities $8.9 billion and to plead guilty to criminal charges for conspiring to violate sanctions on Sudan and other countries.
Sanctions compliance involves screening and analyzing transactions to make sure they do not run afoul of U.S. laws that bar moving money on behalf of certain entities and countries such as Iran and Sudan.
Source: Reuters- BNP Paribas hires ex-U.S.Treasury official for compliance job
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