BAML to clear US dollars for BNP commodity finance unit
Deal comes as French bank faces one-year US dollar clearing ban
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
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