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Midweek Roundup: BNP Settlement to Exceed $5 Billion, SEC Probes Investment Banks for Cartel Ties, and More
printThe U.S. Securities and Exchange Commission is looking into whether Charles Schwab and Merrill Lynch violated anti-money laundering rules by neglecting red flags and know-your-customer controls, Reuters reported. The firms may have transacted on behalf of suspicious clients who falsified information to hide possible ties to drug cartels. More BNP Paribas SA could pay the United States over $5 billion for intentional violations of U.S. sanctions, according to Bloomberg. Such an outlay, which would greatly exceed similar settlements, is expected to accompany a temporary ban on the bank's ability to transfer money for American clients-a prohibition likely to spur customer...
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