BNP close to US$9b settlement over violation of US sanctions

[WASHINGTON] BNP Paribas is close to an agreement to plead guilty and pay US$8 billion to US$9 billion to settle allegations that it violated US sanctions, according to a person familiar with the negotiations.

The French bank intentionally hid transactions amounting to about US$30 billion that violated US sanctions against countries including Iran and Sudan, said the person, who asked not to be identified because the discussions are confidential. BNP Paribas will probably plead guilty early next month to a criminal charge of conspiring to violate the International Emergency Economic Powers Act, the person said.

Terms of a settlement aren't final, although the two sides have reached a broad agreement in principle, said the person.