WASHINGTON, June 30 The New York state banking
regulator on Monday said BNP Paribas will suspend certain parts
of its U.S. dollar clearing operations for one year, as part of
a larger settlement for evading U.S. sanctions laws.
The French bank is also paying $8.9 billion to federal and
state authorities and agreed to terminate some senior
executives, the New York State Department of Financial Services
said in a statement.
The temporary dollar-clearing ban is due to start on Jan. 1,
2015, and is an unprecedented punishment. It's unclear if the
French bank will lose a significant number of clients due to the
ban. The ban largely impacts BNP's oil and gas finance business.
The state regulator also said 13 individuals will leave the
bank as part of the settlement, including chief operating
officer Georges Chodron de Courcel.
(Reporting by Karey Van Hall; Editing by Sandra Maler)