French bank BNP Paribas has reported its own regulatory failures to the UK’s National Crime Agency, according to details revealed in a whistleblower case
French bank BNP Paribas has reported its own regulatory failures to the UK’s National Crime Agency, according to details revealed in a whistleblower court case.
The move came to light in a dispute between BNP Paribas and a former banker who claims he was “victimized” after revealing “serious criminal activity” at the bank.
Fabio Filippi, who was head of structured equity sales in Italy, is suing in London for unfair dismissal after claiming he was expelled in 2018, in what he described as a “fictitious” sacking.
In the box of the accused: legal documents reveal allegations that the branch of BNP Paribas in Milan was involved in “non-compliant practices”
Legal documents reveal allegations that the BNP Paribas branch in Milan was involved in “non-compliant practices”, relating to the sale of investment products, between 2009 and 2010.
Documents show BNP Paribas’ compliance team filed two “suspicious activity reports” with the NCA in London in late 2018, which also led to the Financial Conduct Authority being notified.
Emails seen by The Mail in court correspondence on Sunday reveal that the FCA carried out a “specialist financial crime visit” to BNP’s offices in London.
The bank told the MoS it was not aware of “any investigation into Mr Filippi’s allegations by any outside body”.
A spokesperson said: “The issues raised by Mr Filippi are historical and relate to alleged practices in Milan in 2010. The bank has undertaken thorough investigations, including a full independent audit review, into the issues raised. and kept our regulators informed throughout.”
The spokesperson added: “This case is currently before the Labor Court and we await its decision in due course. We are fully confident in the bank’s ability to defend this case.