Report - C Agricole poised to pay $1bn over sanctions allegations

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Credit Agricole is poised to pay as much as $1bn to U.S. regulators to settle allegations that it violated U.S. sanctions aimed at Iran and Sudan, according to a person briefed on the matter.

Bloomberg News reports that negotiations between the bank and U.S. regulators continue and the total amount isn’t final, the person said.

The settlement would involve a deferred-prosecution agreement with the Justice Department and could come within weeks, according to the person, who asked not to be identified because the discussions are private.

The Justice Department, the Federal Reserve and the U.S. Treasury’s Office of Foreign Assets Control are investigating Credit Agricole on the federal level. In New York, it’s being handled by the Department of Financial Services, which regulates banks, and the Manhattan District Attorney’s office, which has originated a number of sanctions violations cases against global banks.

To access the complete Bloomberg News article hit the link below:

Credit Agricole Said to Pay Up to $1 Billion in Sanctions Probe

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