BNP to pay $9B to settle sanctions violations

Jul 01, 2014, 7:47 AM EDT
France's largest bank, BNP Paribas, has agreed to a record $9bn (£5.1bn) settlement with US prosecutors over allegations of sanctions violations.
AFP/Getty Images

France's largest bank, BNP Paribas, has agreed to a record $9bn (£5.1bn) settlement with US prosecutors over allegations of sanctions violations. As part of the deal, the bank will plead guilty to two criminal charges of breaking US sanctions against trade with Sudan, Iran and Cuba. It will also be prevented from clearing certain transactions in US dollars for one year from the start of 2015. The settlement is the largest for such a case in U.S. history.
Background:
BNP Paribas to pay $9bn to settle sanctions violations [BBC]
U.S. imposes record fine on BNP in sanctions warning to banks [Reuters]

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