BNP Paribas, seeking to settle claims it violated U.S. sanctions, is close to an agreement with New York state’s top banking regulator that would curtail some of its dollar-clearing operations for as long as a year, according to a person familiar with the matter.
Bloomberg News reports that the talks with state and federal authorities, which continue to include a penalty that may reach a record $9bn, could be completed as soon as next week, said the person, who asked not to be named because the discussions are confidential.
The ban on dollar-clearing could affect specific business, such as oil and gas transactions, and certain offices, such as Geneva, where the alleged illegal transactions took place, the person said.
At the centre of the BNP investigation are alleged sanctions violations involving Sudan, Iran and Cuba dating from 2002 to 2009, though some transactions continued until 2011, a person familiar with the matter has said.
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