The compliance world is busy talking about the recent news that French bank BNP Paribas SA will likely pay a record fine of over $8 billion as part of a settlement with the Justice Department over violations of sanctions related to Sudan.
Bloomberg reports that BNP Paribas conducted billions of dollars of illegal transactions on behalf of companies and government agencies in Sudan over five years.
According to Reuters, authorities are investigating whether the bank stripped out identifying information from wire transfers so the transfers could pass through the U.S. financial system without raising red flags.
In addition to paying the fine, BNP Paribas will likely plead guilty to a criminal charge of conspiring to violate the International Emergency Economic Powers Act and agree to a temporary prohibition on conducting transactions in U.S. dollars.
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