Settlement negotiations with Credit Agricole CIB have revived a longstanding disagreement among U.S. agencies over whether a bank should be penalized for not disclosing legal transactions linked to Iran, sources say. The French bank disclosed earlier this month that it had set aside an additional €350 million in expectation of a deal with U.S. authorities resolving alleged sanctions violations. The transactions targeted by American officials include banned payments made on behalf of Iranian and Sudanese clients, according to individuals with knowledge of the investigation. As part of the global settlement, the New York State Department of Financial Services (NYSDFS) will...
Credit Agricole SA is nearing a final deal with U.S. officials over its alleged sanctions violations, Ukrainian separatists in the country's Donetsk region are in the process of creating their own currency, and more, in this week's roundup.
Standard Chartered Bank will pay New York $300 million for anti-money laundering violations, a sum nearly 90 percent of a separate fine paid by the institution to the state in 2012 for related sanctions troubles.
A nearly $330 million deferred prosecution agreement with a London-based bank reinforces the peril financial institutions face when engaging in look-backs for possible sanctions or anti-money laundering violations.
Two of the most stringent of several federal bills meant to increase pressure on Iran would forbid banks from processing transactions indirectly tied to Iranian entities. The bills, H.R.1400 and S.970, jointly called the Iran Counter-Proliferation Act of 2007, would prohibit u-turn transactions.