Credit Agricole to pay $800m to settle US sanctions charges
Credit Agricole has agreed to pay a $800m settlement for allegedly handling billions of dollars illegally in transfers for entities from countries under US sanctions like Iran, Sudan and Cuba between 2003 and 2008. The deal with the US Department of Justice and other agencies is a deferred prosecution agreement and does not require the bank to plead guilty. Some of those employees who were involved have been dismissed. Another French bank, BNP Paribas, was also forced to pay a record $8.9bn fine earlier for similar violations.

Credit Agricole to pay $800 mn in sanctions case: source

French bank Credit Agricole has agreed to pay $800 million to settle US charges it conducted illegal business in Iran and other sanctioned countries, a person familiar with the matter said Monday.

The settlement will be announced this week, possibly as soon as Tuesday, the person said. The deal with the US Department of Justice and other agencies is a deferred prosecution agreement and does not require Credit Agricole to plead guilty.

US authorities accuse the bank of illegally handling billions of dollars in transfers for entities from countries under US sanctions like Sudan, Cuba and Iran between 2003 and 2008.

US authorities accuse Credit Agricole of illegally handling billions of dollars in transfers for entities from countries under US sanctions like Sudan, Cuba and Iran between 2003 and 2008 ©Philippe Huguen (AFP/File)

Some of the bankers responsible for the wrongdoing have already been dismissed, while one employee is still with the French bank and is expected to be dismissed, the person said.

Besides Justice, the agencies involved in the settlement are the Treasury Department, the Federal Reserve and the New York Department of Financial Services.