NEW YORK (TheStreet) -- U.S. authorities will reportedly seek more than $5 billion from BNP Paribas to settle allegations that the French bank violated U.S. sanctions, according to a report by Bloomberg.
U.S. authorities will reportedly seek more than $5 billion from BNP Paribas to settle allegations that the French bank violated U.S. sanctions.
That's according to a report by Bloomberg, which says discussions are ongoing and that the final amount of the settlement could change. Last week, reports said BNP was in talks to pay more than $3 billion. The reported numbers now exceed the $2.6 billion that Credit Suisse (CS) agreed to pay in a settlement with the U.S. for aiding Americans in tax evasion.
U.S. authorities launched an investigation into the bank for allegedly processing transactions with countries including Sudan and Iran, which are on U.S. sanctions lists. According to Bloomberg, U.S. prosecutors are seeking a guilty plea from the BNP, as they did in the case with Credit Suisse. The report says that in addition to the fine, New York Superintendent of Financial Services Benjamin Lawsky is considering temporarily banning BNP from transferring money in and out of the U.S.
In New York, I'm Brittany Umar for TheStreet.
--Written by Brittany Umar in New York.