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Money

June 30, 2024 06:48 GMT

Record $9b fine for European bank

BNP Paribas, France’s biggest bank, is about to receive the biggest penalty ever paid by a European bank over violations of sanctions.

 

The bank will be fined with record $9 billion because it didn’t respect a US embargo on financial transactions with Iran, South Sudan and Cuba during the 2002 - 2009 period.

 

Furthermore, the US Justice Department could prohibit some divisions of BNP from commencing any trading activities.

 

France’s sole request was that the fine to be ‘fair.’