For weeks there have been reports that BNP Paribas, the largest bank in France, would face a massive fine and be barred from trading in dollars for violating U.S. sanctions.
Now it’s official, the bank will pay $US8.8 billion in addition to pleading guilty to sanctions violation charges, according to Bloomberg.
A Manhattan prosecutor has charged the bank with conspiracy and falsifying business records. That’s a state charge, while the charges BNP is paying this fine for are federal.
More on this to come.