BNP Paribas is in talks to settle U.S. investigations of money laundering and sanctions violations in countries including Iran and Cuba. The Paris-based lender had said it set aside $1.1 billion to cover potential penalties from any violations, which are being probed by federal and New York state officials. A previously disclosed internal probe conducted over the past few years uncovered a significant volume of transactions from 2002 to 2009 that could be considered impermissible under U.S. laws and regulations including, in particular, those of the Office of Foreign Assets Control. A settlement would be one of the largest in the U.S. crackdown on European lenders for violating economic sanctions. Accoording to sources, the bank is being probed over transactions by entities that were doing business in countries that were subject to U.S. sanctions including Iran, Cuba, Sudan and Libya.
