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US orders BNP Paribas to pay $8.9 bn in sanctions case

A US judge ordered BNP Paribas to pay a record $8.9 billion fine to settle violations of US sanctions linked to Iran and other countriesA US judge Friday ordered BNP Paribas to pay a record $8.9 billion fine to settle violations of US sanctions linked to Iran and other countries. Judge Lorna Schofield finalized a sentence that also included a five-year probation and the imposition of a monitor at France’s largest bank. In June 2014, BNP Paribas agreed to plead guilty to criminal charges that it had violated the sanctions, deliberately hiding thousands of transactions with Iran, Sudan and Cuba during 2004-2012 that senior bank officials knew broke US law. Most of the penalty is based on the amount of the illegal transactions BNP handled: $6.4 billion in Sudan, $1.7 billion in Cuba and $650 million in Iran.

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