BNP Paribas pays record $8.9B fine for sanctions busting


WASHINGTON (JTA) — BNP Paribas, France’s biggest bank, paid a record $8.9 billion in fines for violating U.S. sanctions on a number of countries, including Iran.

The amount was negotiated with an array of U.S. agencies in a plea deal Monday for violating sanctions on Cuba, Sudan and Burma as well as Iran, according to a Treasury Department statement.

The bank pleaded guilty to practices that obscured the identity of sanctioned parties in bank dealings.

“Under the settlement agreement, BNPP is required to put in place and maintain policies and procedures to minimize the risk of the recurrence of such conduct in the future,” the Treasury statement said.

The fines include a $963 million settlement with Treasury’s Office of Foreign Asset Control, which tracks sanctions busting.

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