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.

The alleged violations largely mirror infractions identified at other non-U.S. multinational banks, according to an individual with knowledge of the matter. Like Lloyds Bank, ING and other institutions, BNP Paribas removed data from international wire transactions in order to obscure the role of parties in Iran and Sudan, said the person, who spoke on the condition of anonymity.

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