June 30, 2014
French bank BNP Paribas is braced for a record fine of almost $9 billion for breaching U.S. sanctions, according to media reports.
The punishment for helping clients dodge sanctions on Iran, Sudan and Cuba will also include a temporary ban on BNP Paribas ( clearing payments in dollars, starting in January, the Financial Times reported Monday. )
"I want to say it clearly here: we will receive a heavy penalty," BNP Chief Executive Officer Jean-Laurent Bonnafe was quoted as saying by Reuters in an internal email to staff.
BNP Paribas declined to comment.
U.S. authorities are expected to reveal details of the settlement later Monday, concluding a long-runningcriminal investigation.