International banks violate U.S. sanction laws, pay fines

Global Business

France’s largest bank paid one of the biggest fines among international banks for violating U.S. sanction laws. CCTV’s Karina Huber reports.

Follow Karina Huber on Twitter @kkat31

After pleading guilty to violating the law, French bank BNP Paribas paid a record $8.9 billion fine. A half dozen other major banks have also been caught funneling money from countries such as Iran, Cuba, and Sudan through bank branches in the U.S.

Germany’s second largest bank, Commerzbank, is expected to pay up to $800 million for violating sanctions, and three other German banks — Deutsche Bank, Credit Agricole and Societe Generale — are being investigated, along with Italy’s UniCredit.

The biggest threat to international banks is suspension of their New York licenses, which would drastically hurt their businesses. So far, no major head of a bank has faced criminal prosecution.

International banks violating U.S. sanction laws

International banks violating U.S. sanction laws

rance's largest bank paid one of the biggest fines among international banks for violating U.S. sanction laws. CCTV's Karina Huber reports.