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Settlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and BNP Paribas SA


The U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") today announced a $963 million settlement with BNP Paribas SA (“BNPP”) to settle potential liability for apparent violations of U.S. sanctions.  Today's settlement is the largest OFAC settlement of any kind to date.  The settlement resolves OFAC's investigation into BNPP’s systemic practice of concealing, removing, omitting, or obscuring references to information about U.S.-sanctioned parties in 3,897 financial and trade transactions routed to or through banks in the United States between 2005 and 2012 in apparent violation of the Sudanese Sanctions Regulations, 31 C.F.R. part 538; the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560; the Cuban Assets Control Regulations, 31 C.F.R. part 515; and the Burmese Sanctions Regulations, 31 C.F.R. part 537.  BNPP's settlement with OFAC is simultaneous with settlements with the U.S. Department of Justice, the New York County District Attorney’s Office, the Board of Governors of the Federal Reserve System, and the New York State Department of Financial Services. 

For more information on this action, please visit the following web notice or visit the following link for Treasury’s press release on this topic.
Last Updated: 6/30/2014 4:44 PM