BNP’s Potential $1 Billion Settlement Tied to Hiding Role of Clients in Iran, Sudan: Sources

Brain Monroe
Published by moneylaundering.com, February 13, 2014

Ongoing negotiations between U.S. officials and France’s largest bank that could result in a monetary settlement of more than $1 billion involve violations of sanctions against Iran and Sudan, say sources.

On Thursday, BNP Paribas said in a regulatory filing that it had set aside $1.1 billion to settle unspecified sanctions violations under investigation by the U.S. Justice Department, Manhattan District Attorney’s Office and other regulators. American officials haven’t yet demanded a monetary penalty for the “significant volume of transactions” that may have broken U.S. laws, the bank said.

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