FAQs
What is the primary responsibility of the Group Financial Security U.S. (GFS U.S.)?
The primary responsibility of the GFS U.S. is to oversee and coordinate BNP Paribas’ compliance with U.S. and other international sanctions and embargoes.
What are the key objectives of the GFS U.S. unit?
The key objectives include ensuring compliance with U.S. sanctions, maintaining legal oversight, issuing norms and policies, providing advisory services on sanctions-related situations, managing U.S. sanctions-related transactions, sponsoring tools for sanctions filtering, risk assessing branches and affiliates for compliance issues, and conducting on-site controls to verify adherence to norms and policies.
What type of compliance does GFS U.S. focus on?
GFS U.S. focuses on compliance with U.S. sanctions and embargoes as well as other international sanctions.
How does GFS U.S. ensure that BNP Paribas complies with U.S. sanctions?
GFS U.S. ensures compliance by issuing norms, policies, and procedures, providing legal watch and advice, managing sanctions-related transactions and alerts, conducting risk assessments, and performing on-site controls.
Who provides oversight for legal aspects related to U.S. sanctions within GFS U.S.?
GFS U.S. liaises with Legal Affairs to maintain oversight of legal matters concerning U.S. sanctions.
What tools does GFS U.S. sponsor in relation to sanctions?
GFS U.S. sponsors tools that filter transactions against embargo and sanctions lists to ensure compliance.
How does the GFS U.S. assess risks related to non-compliance?
GFS U.S. conducts risk assessments of the Group’s branches and affiliates through a permanent risk oversight framework to identify and address non-compliance issues.
What type of controls does GFS U.S. perform to ensure compliance with norms and policies?
GFS U.S. performs on-site controls within BNP Paribas Group entities to verify compliance with the established norms and policies issued by GFS-NY.