BNP Paribas said closer to agreeing settlement over sanction violations

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BNP Paribas is likely to pay $8bn to $9bn as part of a potential settlement with U.S. authorities over violations of sanctions, according to a person familiar with the matter.

Reuters reports that U.S. authorities are probing whether BNP Paribas evaded U.S. sanctions relating primarily to Sudan between 2002 and 2009, and whether it stripped out identifying information from wire transfers so they could pass through the U.S. financial system without raising red flags, sources have said.

BNP Paribas has been negotiating on an almost daily basis with U.S. authorities for weeks.

The investigation has turned up more than $100bn in books and records violations in transactions involving Sudan, Iran and Cuba, one source said on Sunday.

The potential settlement could include BNP Paribas pleading guilty to a criminal charge of violating the International Emergency Economic Powers Act, another source familiar with the matter has said. The potential settlement was first reported by the Wall Street Journal.

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BNP Paribas nears up to $9 billion settlement with U.S. authorities - source

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