The payment is not tax deductible, and regulators will keep tabs on BNP Paribas’ financial records for five years under the deal.
“Requiring court-supervised probation for five years, together with a corporate monitor supervised by regulators, is a real improvement,” Garrett added.
In announcing the agreement, Attorney General Eric Holder described how BNPP “went to elaborate lengths to conceal prohibited transactions, cover its tracks, and deceive U.S. authorities.”
Holder said he hopes the punishment will cause other banks to take notice and avoid committing similar violations.