The US authorities are reportedly weighing criminal charges against Credit Suisse and BNP Paribas over possible violations of sanction rules.
Prosecuting the companies would break with a past practice of brokering settlements with large banks that are considered integral to the financial system, Bloomberg has reported.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Earlier, probes were resolved through non-prosecution and deferred-prosecution agreements, which have been criticized by US senators for failing to hold banks accountable for breaking the law.
According to the Financial Times, BNP Paribas could eventually be fined "far in excess" of the $1.1 billion already provisioned.
As part of the potential settlement, the Department of Financial Services, New York’s bank regulator, is considering civil penalties in addition to other sanctions, including a suspension of dollar clearing activities in New York for a period of time and financial clawbacks, said the person, the Financial Times report added.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
