BNP Paribas Risks Client Flight as Ban on Transfers Looms
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Credit Suisse Group AG emerged from a guilty plea this week relatively unscathed. The punishment that prosecutors are now holding over BNP Paribas SA’s head could have more severe consequences.
A temporary ban on transferring money into and out of the U.S., floated by New York’s Superintendent of Financial Services Benjamin Lawsky, would be in addition to more than $5 billion in fines and a guilty plea to criminal charges for violating U.S. sanctions, according a person with knowledge of the talks. No similar punishment targeting a business was imposed when Credit Suisse’s main bank subsidiary admitted helping U.S. citizens evade taxes.