bnp paribas

REUTERS/Julien Muguet

BNP Paribas Chief Executive Jean-Laurent Bonnafe

For weeks there have been reports that BNP Paribas, the largest bank in France, would face a massive fine and be barred from trading in dollars for violating U.S. sanctions.

Now it’s official, the bank will pay $ 8.8 billion in addition to pleading guilty to sanctions violation charges, according to Bloomberg.

And to add more to the pile, a Manhattan prosecutor has charged the bank with conspiracy, specifically falsifying business records.

More on this to come.

Business Insider » Finance

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