BNP Paribas has tasked Alain Papiasse, head of its investment bank for the past five years, with overseeing its U.S. business and improving controls there in the wake of its record $8.9 billion for violating sanctions. France's biggest bank was rocked in July when it pleaded guilty to two U.S. criminal charges and agreed to pay almost $9 billion to resolve accusations it violated U.S. sanctions against Sudan, Cuba and Iran. BNP said on Monday Papiasse would be replaced as head of its corporate and investment banking (CIB) division by Yann Gerardin, who will be in charge of implementing a three-year plan for the business. Papiasse, currently deputy chief operating officer, will support the CIB restructuring and will also oversee BNP's North American region, particularly in implementing a plan that improves risk control in order to avoid a repeat of misdoings targeted in the U.S. investigation. BNP's plan includes managing all of its U.S. dollar-flow activity out of its New York
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