French bank will pay $787M to settle US sanctions violations

AP News
Posted: Oct 20, 2015 1:12 PM

ALBANY, N.Y. (AP) — A large French bank has agreed to pay more than $787 million to settle legal problems stemming from U.S. sanctions violations.

Financial regulators say between 2003 and 2008, Credit Agricole processed more than $32 billion in payments through its New York branch on behalf of Sudanese, Iranian, Burmese and Cuban entities.

Under the settlement signed last week and announced Tuesday, Credit Agricole will terminate a managing director and install an independent monitor.

The settlement includes $385 million to New York's Department of Financial Services, $90 million to the Federal Reserve, $156 million to the Manhattan District Attorney's Office and $156 million to the U.S. Attorney's Office for the District of Columbia.

A Russian Ham Sandwich
Derek Hunter

Credit Agricole, based in Paris, operates in more than 30 countries and has about 7,000 employees worldwide.