Economics
Swiss Reaction to BNP Shows Tougher Stance on Sanctions
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The Swiss banking regulator’s reaction to U.S. sanctions violations by BNP Paribas SA’s Geneva unit signaled the watchdog is taking a tougher stance against rule-breaking outside Switzerland.
The Swiss Financial Market Supervisory Authority, or Finma, ordered BNP Paribas (Suisse) SA to hold additional capital and banned it from conducting business with companies and persons subject to U.S. or European Union sanctions for two years, according to a July 1 statement.