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BNP Paribas ready for record fine

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BNP Paribas ready for record fine

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France’s biggest bank BNP Paribas is expected to pay a record nearly $9 billion (6.5 billion euro) fine over alleged sanctions breaches following an out-of-court deal.

The US Justice Department could also ban some some divisions of the bank from trading currency.

It is expected to plead guilty to a criminal charge in New York’s Manhattan Federal Court on Monday.

BNP has been accused of not respecting a United States embargo on financial transactions with Iran, South Sudan and Cuba between 2002 and 2009.

The fine would be the largest penalty ever paid by a European bank for violations of sanctions imposed by the Office of Foreign Assets Control.

France has asked that the fine to be “fair”.