On 30 June 2014, BNP Paribas, S.A. agreed to plead guilty and to pay $8.97 billion of penalties to various federal agencies for violations of US sanctions laws, subject to court approval of the plea agreement.
The actions against BNP Paribas were taken by the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice, the Federal Reserve Board, the Office of the US Attorney for the Southern District of New York, the United States Department of Treasury's Office of Foreign Assets Control, the New York County District Attorney's Office, and the New York Department of Financial Services ("NYDFS") for violations of US sanctions laws and various New York State laws.
The Federal Reserve Board announced the BNP Paribas will also be subject to a cease and desist order, requiring the bank to take certain remedial steps to ensure its compliance with US law in its ongoing operations and to pay a civil monetary penalty of $508 million. Concurrently, the NYDFS announced that BNP Paribas agreed to, among other things, terminate 13 senior employees of the bank and to suspend US dollar clearing operations through its New York Branch and other affiliates for one year.
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