Rivals assess benefit of clearing BNP’s dollar transactions

By Camilia Hall and Sam Fleming

…The New York Department of Financial Services said on Monday that it had installed a monitor at BNP who will perform a review to “help inform the potential imposition and degree of similar penalties by DFS at other banks – where appropriate”. “Big picture, it’s definitely uncharted territory,” said Howard Mendelsohn, managing director at The Camstoll Group and a former sanctions expert at the US Treasury. “Many will be looking at BNP through a different lens, though the lead time to prepare gives them a chance to design and strengthen programmes that may work.”