View the article online at http://citywire.co.uk/wealth-manager/article/a753827
BNP could face $10bn fine from US authorities
by James Phillipps on May 30, 2014 at 08:26
BNP Paribas could be hit with a fine of over $10 billion for breaking US sanctions on Iran, Sudan and Cuba, according to reports.
The WSJ said that the bank is locked in talks with the Justice Department regarding its activities between 2002 and 2009 and a final resolution will be settled in weeks.
The paper reports that BNP is looking to pay out less than £8 billion, which would in itself still dwarf the $1.9 billion HSBC was fined in 2012. It added that the US government could block the bank from transferring money into or out of the America.
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