fine-gavel-coins

BNP Paribas is expected to plead guilty and pay a US$8.9 billion fine for moving money on behalf of clients in blacklisted countries, the New York Times reports.

U.S. authorities allege that the bank transferred billions of dollars since 2002 on behalf of countries like Sudan, which was accused of genocide at the time.

Read: BNP Paribas warned of deals that led to fine

The deal will be formally announced June 30, and is expected to include the details of how the bank hid the identities of Sudanese nationals to process their money transfers through its U.S. operations, the Times reports.

As part of its punishment, the bank may be blocked from processing transactions in U.S. dollars at their offices in Paris, Geneva and Singapore for at least six months.

Read more here.

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Originally published on Advisor.ca

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