BNP Paribas is close to an agreement to plead guilty and pay $8 billion to $9 billion (€5.9 billion to €6.6 billion) to settle allegations it violated US sanctions, according to a person familiar with the negotiations.

The French bank intentionally hid transactions amounting to about $30 billion that violated US sanctions against countries including Iran and Sudan, said the person, who asked not to be identified because the discussions are confidential.

BNP Paribas will probably plead guilty in early July to a criminal charge of conspiring to violate the International Emergency Economic Powers Act, the person said.

The bank would be temporarily banned from handling transactions in dollars and would announce departures of more than 30 employees, many of whom already have left. – (Bloomberg)