BNP Seeks Approval to Continue U.S. Pension Business
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BNP Paribas SA has applied for a regulatory exemption it needs to be able to keep managing U.S. pension-plan assets following its guilty plea for violating U.S. sanctions.
The French bank sought the exemption June 30, according to Michael Trupo, a spokesman for the U.S. Department of Labor, which oversees $7.9 trillion in pensions. BNP pleaded guilty the same day to processing almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba and agreed to pay a $8.97 billion penalty.