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BNP Paribas Will Pay An $8.8 Billion Fine

Linette LopezJul 1, 2014, 01:55 IST

REUTERS/Julien MuguetBNP Paribas Chief Executive Jean-Laurent Bonnafe

For weeks there have been reports that BNP Paribas, the largest bank in France, would face a massive fine and be barred from trading in dollars for violating U.S. sanctions.

Now it's official, the bank will pay $8.8 billion in addition to pleading guilty to sanctions violation charges, according to Bloomberg.

A Manhattan prosecutor has charged the bank with conspiracy and falsifying business records. That's a state charge, while the charges BNP is paying this fine for are federal.