BNP Paribas, the French bank with 7500 staff in the UK, is expected to pay to $9 billion (£5.2 billion) to settle allegations it broke US trade sanctions, according to reports.
It is lower than the $16 billion suggested as the likely settlement, but still one of the largest between US regulators and a single bank.
BNP Paribas was accused of committing around $100 billion of breaches of sanctions primarily with Sudan but also Iran and Cuba. Regulators had been seeking at least $10 billion to resolve the issues.
The settlement is said to involve barring BNP Paribas from handling transactions in US dollars for several months and firing more than 30 employees, most of whom have already left the bank.
BNP Paribas declined to comment. It is expected to plead guilty early next month.
The probes are being conducted by authorities including the US Justice Department, the US Attorney’s office in Manhattan, the Treasury Department, the Manhattan District Attorney’s office, and the New York Department of Financial Services.Reuse content