US may fine BNP Paribas more than $10 billion
- 10 years ago
The US is set to fine French bank BNP Paribas more than $10 billion over charges it violated US sanctions on Iran, Sudan and Cuba.
It would be one of the largest penalties ever imposed on a bank.
It’s understood that BNP is looking to pay less than $8 billion, according to the Wall Street Journal.
In February, the bank announced that it was putting aside $1.1 billion to cover the expected settlement. Last month it said it was prepared that the fines could be “far in excess” of this.
A final resolution to the year long investigation into the bank’s activity between 2002-2009 is expected to be in the next few weeks.
The two sides are believed to still be arguing over whether BNP will be temporarily denied the right to clear US dollar transactions as part of its punishment. BNP officials say this would destabilise the bank.
It would be one of the largest penalties ever imposed on a bank.
It’s understood that BNP is looking to pay less than $8 billion, according to the Wall Street Journal.
In February, the bank announced that it was putting aside $1.1 billion to cover the expected settlement. Last month it said it was prepared that the fines could be “far in excess” of this.
A final resolution to the year long investigation into the bank’s activity between 2002-2009 is expected to be in the next few weeks.
The two sides are believed to still be arguing over whether BNP will be temporarily denied the right to clear US dollar transactions as part of its punishment. BNP officials say this would destabilise the bank.