By Clifford Hwang
Credit Agricole has
agreed to pay $787.3 million dollars to settle claims that it had violated
sanctions primarily against Sudan and Iran. This settlement is only one among a
series of similar investigations and settlements where banks have paid large
sums to settle allegations of sanctions violations including Commerzbank’s
$1.45 billion settlement
and BNP Paribas’s record $8.9 billion fine. Credit Agricole’s settlement is the
culmination of the investigations of several U.S. agencies regarding the bank’s
scheme to process more than $32 billion in payments on
behalf of various institutions in Sudan and Iran from 2003 to 2008. Under the settlement, Credit Agricole
will pay the fine as well as enter into a deferred prosecution agreement with the
Justice Department.
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