BNP Paribas pleaded guilty in Manhattan federal court to violating U.S. sanctions after agreeing last week to pay a record $8.97bn to resolve state and federal probes that reached the highest echelons of French and American diplomacy.
Commerzbank will probably be the next bank to resolve alleged U.S. sanctions violations, a person with knowledge of the matter said.
JPMorgan unwittingly helped BNP Paribas violate U.S. sanctions as the bank hid billions of dollars in transactions involving Sudan and Cuba, according to court documents and people with knowledge of the matter.
In December 2005, ABN Amro reached an $80m settlement with US regulators over breaking sanctions against Iran, Cuba and Sudan. And for one compliance official at BNP Paribas – where concerns had been raised about the same issues – the cat was now out of the bag.
BNP Paribas won a reprieve during final talks to settle a criminal probe into U.S. sanctions violations, giving the bank six months to prepare for a ban on handling certain dollar transactions, according to a person with direct knowledge of the matter.
US authorities will announce early this week that French banking giant BNP Paribas has agreed to pay an $8.9bn fine for allegedly violating sanctions rules, reports suggest.
BNP Paribas, the bank being investigated for money laundering for Sudanese agencies and companies, could see some leniency from New York regulators.
Iran is lobbying to get HSBC to process humanitarian trade transactions that Europe's biggest bank has frozen because of concerns about potential breaches of international sanctions, sources familiar with the trades told Reuters.
BNP Paribas is likely to pay $8bn to $9bn as part of a potential settlement with U.S. authorities over violations of sanctions, according to a person familiar with the matter.
BNP Paribas, which is facing a potential $10bn fine for breaking U.S. sanctions, has handed over to U.S. investigators files covering many years of its dealings with leading companies in the oil market.