PARIS, June 30 French financial supervisor ACPR
published the following statement on Monday on an agreement
reached between BNP Paribas and the U.S. authorities
over sanctions violations.
Here is the full text of the watchdog's statement:
"The U.S. Authorities have published today the agreement
reached about the outcome of the pending procedures concerning
BNP Paribas for transactions which in the past violated US
applicable Law involving sanctions against specific countries
(Sudan, Iran, Cuba) and Specially Designated Nationals.
"This involves a global money penalty of $8.9 billion, a
suspension of the capacity of the branch to clear in the U.S.
certain transactions for a period of one year starting January
the 1st, 2015, a restriction on the employment of certain
individuals and a specific compliance program.
"ACPR, as the home supervisor of BNP Paribas, has examined
the situation of BNP Paribas and has concluded that BNP Paribas
Group has a solid solvency and liquidity position, which will
allow it to absorb the anticipated consequences of these
"It has also considered that the present organization and
controls enacted are adapted to the characteristics of its
business, in particular its international activity. Thus with
all licenses and authorizations maintained, the BNP Paribas
Group is in a position to continue its business in full
compliance with all applicable laws."
(Reporting by Ingrid Melander; Editing by Maya Nikolaeva)