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.
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.
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, seeking to settle claims it violated U.S. sanctions, is close to an agreement with New York state’s top banking regulator that would curtail some of its dollar-clearing operations for as long as a year, according to a person familiar with the matter.
BNP Paribas, the bank being investigated for money laundering for Sudanese agencies and companies, could see some leniency from New York regulators.
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.
U.S. authorities are seeking more than $10bn from BNP Paribas to settle federal and state investigations into the lender’s dealings with sanctioned countries including Sudan and Iran, according to a person familiar with the matter.
U.S. authorities are seeking more than $3.5bn from BNP Paribas to resolve federal and state investigations into the lender’s dealings with sanctioned countries including Sudan and Iran, according to people familiar with the matter.