BNP Paribas won a government waiver that lets affiliates continue to operate as asset managers in the U.S., something that was in doubt after the bank admitted violating American sanctions on nations such as Iran.
Bloomberg News reports that the US Labor Department rejected arguments from a group called Public Citizen that opposed the exemption, needed for overseeing pension assets. The waiver involves 'stringent conditions', the department said in a decision in the Federal Register.
BNP is awaiting punishment for violating sanctions by processing almost $9bn in banned transactions involving Sudan, Iran and Cuba.
To access the complete Bloomberg News article hit the link below: