BAML to clear US dollars for BNP commodity finance unit

Deal comes as French bank faces one-year US dollar clearing ban

bnp-paribas
BNP Paribas branch

Bank of America Merrill Lynch (BAML) has agreed to provide US dollar clearing services for the Switzerland-based commodity trade finance unit of BNP Paribas, allowing it to continue doing business in dollars even after a one-year ban takes effect on January 1, according to a confidential bank document obtained by Risk.net.

The ban was imposed on BNP Paribas as part of its $9 billion settlement with US authorities over charges that the French bank circumvented sanctions against Cuba, Iran and Sud

To continue reading...