BNP to Pay Almost $9 Billion in U.S. Sanctions Plea Deal By Tiffany Kary, Del Quentin Wilber and Patricia Hurtado Jul 1, 2014 BNP Paribas SA (BNP) pleaded guilty to U.S. sanctions violations and agreed to pay a record $8.97 billion in a case that reached the highest echelons of French and American diplomacy. BNP, France’s largest bank, admitted that it processed almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba, the Justice Department said today. The bank will also be barred from U.S. dollar-clearing operations for one year for its oil and gas commodity finance business. As part of the agreement, New York’s top banking regulator required 13 executives to leave the bank, including Georges Chodron de Courcel, co-chief operating officer, Vivien Levy-Garboua, former head of compliance, Dominique Remy, former head of structured finance for the corporate investment bank, and Stephen Strombelline, head of ethics and compliance for North America, the regulator said in a statement.
Posted on: Tue, 01 Jul 2014 09:10:33 +0000
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