BNP Paribas Fined by German Regulator Over Failure to Disclose Costs

By Matthias Goldschmidt

BNP Paribas was fined 830,000 euros ($899,845) by Germany's financial authority over failure to inform some of its customers of costs.

The French bank on Thursday said it wouldn't appeal the decision by the regulator, also known as Bafin.

The bank's German branch failed to inform its customers in individual cases of all costs and charges related to specific financial instruments in a timely manner and in accordance with the applicable requirements when providing investment services, Bafin said.

The branch also provided some investment services without first verifying relevant information on customers' financial situation, Bafin added.

The branch already took mitigating measures in 2020 to address the regulator's findings, a BNP Paribas spokesperson said. "These measures are part of an overall process to continuously develop the bank's services in accordance with the highest market standards."

Write to Matthias Goldschmidt at matthias.goldschmidt@wsj.com

(END) Dow Jones Newswires

July 25, 2024 10:14 ET (14:14 GMT)

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