BNP Paribas has agreed to pay a $350m penalty to resolve allegations by New York’s banking regulator that foreign exchange traders at the French bank engaged in collusion to manipulate currency rates, The Wall Street Journal reports.

The New York Department of Financial Services said deficient oversight at BNP Paribas “allowed nearly unfettered misconduct” among traders and salespeople in the bank’s foreign-exchange business, in violation of New York banking laws.