U.S. imposes record fine on BNP in sanctions warning to banks

http://ift.tt/eA8V8J NEW YORK/WASHINGTON/PARIS (Reuters) - French bank BNP Paribas BNPP.PA has pleaded guilty to two criminal charges and agreed to pay almost $9 billion to resolve allegations that in many financial dealings it violated U.S. sanctions against Sudan, Cuba and Iran. In an unprecedented move, regulators also banned BNP for a year from conducting certain U.S. dollar transactions, a critical part of the bank's international business. The authorities said the severe penalties were warranted because of BNP's persistent and deliberate violations and desire to put profits first, even after U.S. officials warned the bank of its obligation to police for illicit money flows. U.S. authorities also found BNP Paribas had evaded sanctions against entities in Iran and Cuba, in part by stripping information from wire transfers so they could pass through the U.S. system without raising red flags.



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