FINRA Fined BNP Paribas for shortcomings on AML Program and lack of human capital

FINRA has fined BNP Paribas Securities Corp and BNP Paribas Prime Brokerage, INC with $15 Million for anti-money laundering (AML° and supervisory failures.

The administrative action included the requirement to complete the program amendments within 90 days.

The findings included that over the period 2013 to 2017 BNP failed to maintain written AML procedures and failed to implement a monitoring program allowing to identify suspicious activities.

Furthermore the lack of human capital made the existing controls insufficient.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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