Sanctions compliance a struggle for banks
Sanctions compliance is no longer a backwater: a combination of growing use, more active enforcement and harsher fines for non-compliance means that no internationally active bank can ignore its importance
US regulators are on the warpath over sanctions violations. The fine of $8.9 billion imposed on BNP Paribas at the end of June sent out a signal that those who breach the restrictions should expect a heavy punishment.
BNP Paribas was found to have been trading with Iran, Cuba and Sudan between 2004 and 2012, in what the US attorney general Eric Holder called "a complex and pervasive scheme to illegally move billions through the US financial system". The French bank pleaded guilty to two criminal
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