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BNP to Pay Almost $9 Billion Over U.S. Sanctions Case

BNP Paribas SA pleaded guilty to U.S. sanctions violations and agreed to pay a record $8.97 billion in a case that reached the highest echelons of French and American diplomacy.

BNP, France’s largest bank, admitted that it processed almost $9 billion in banned transactions from 2004 to 2012 involving Sudan, Iran and Cuba, the Justice Department said today. The bank will also be barred from U.S. dollar-clearing operations for one year for its oil and gas commodity finance business.