Reports: BNP Paribas To Be Temporarily Banned From Dollar Clearing

(RTTNews) - As per reports, French banker BNP Paribas (BNPQY.PK, BNP.L) is facing a one year ban from converting foreign currencies to dollars. The ban will be imposed in certain business lines of the Bank. The New York State Department of Financial Services will propose the ban, as part of a settlement of charges against BNP in connection with violations of U.S. sanction laws. The French bank was found to be guilty of violating U.S. sanctions against Iran, Somalia, between 2002 and 2009.

The U.S. regulators may also fine BNP as part of the violation. As per prior reports, the fine could range from $8 billion $9 billion.