French Bank Fined for US Sanctions Violations
Economy, Business And Markets

French Bank Fined for US Sanctions Violations

French bank Credit Agricole is understood to have agreed to pay $800m (£516m) to settle charges it broke US sanctions in Iran and other countries.
The settlement is expected to be announced later this week.
It follows a lengthy investigation of European banks by US authorities into illegal dollar transactions, BBC reports.
In 2013, Royal Bank of Scotland (RBS) was fined $100m by US regulators for violating sanctions against Iran, Sudan, Burma and Cuba.
Credit Agricole stands accused of transferring billions of dollars to accounts held by entities from those same countries between 2003 and 2008.The bank is paying the fine as part of a so-called deferred prosecution agreement.
The agreement means the bank will not have to plead guilty to any charges as long as it meets certain requirements. It is understood that some of the bankers responsible for the wrongdoing have already been dismissed from their jobs at the bank.
In August, Credit Agricole set aside $350m in provisions in relation to the case, saying it was at an “advanced stage” in discussions over the alleged sanctions violations and expected to reach a settlement in autumn 2015.
Rival French bank BNP Paribas was ordered to pay a record $8.9 billion fine earlier this year for similar alleged violations.
Other European banks including Deutsche Bank, Societe Generale and UniCredit have already said they are cooperating with US investigations into alleged sanctions violations.

Short URL : https://goo.gl/TlY3YH
  1. https://goo.gl/FuAy6N
  • https://goo.gl/XkAzaa
  • https://goo.gl/x8X1R4
  • https://goo.gl/rC4Gfw
  • https://goo.gl/mlZbxP

You can also read ...

Decline in Forex  Rates Expected
While the foreign exchange rates are still considered bullish...
Economic War on Iran Is War on Eurasia Integration
Hysteria reigned supreme after the first round of US sanctions...
German Rail Operator, Deutsche Telekom End Iran Projects
German rail operator Deutsche Bahn and Deutsche Telekom are...
Emirati Paper: Baghdad Expected to Maintain Strong Economic Ties With Tehran
Iraq’s ties with Iran are likely to grow stronger as a result...
 New ATR Planes Join Iran Air Fleet
The ATR 72-600 planes recently delivered to Iran Air have...
NZ Exporters Wary of Rising  US-Iran Trade Tensions
New Zealand exporters are looking to worsening US-Iran...
 TPO Clarifies Import Ban List to Foreign Traders
The recent ban imposed on the import of certain products has...
Non-Oil Trade Volume With Italy Up 40%
Iran traded 371,876 tons of non-oil commodities worth $508.04...