BNP Paribas is facing a potential fine of up to $10bn for breaking sanctions imposed by the US government on Iran. This would be by far the largest fine ever imposed on a bank by US regulators for sanctions-breaking, and one of the largest regulatory fines in history.
BNP is by no means the first bank to be fined by the US for sanctions-breaking....
Indeed it is not. The list is long and expensive. But BNP's penalty is an order of magnitude greater than any other bank's, and it faces other penalties too. French politicians are none too happy about this, and European central bankers and regulators are concerned. Is this fine really such a good idea?
Read the whole post on Forbes.