WASHINGTON (MarketWatch) — Credit Agricole is going to pay $787.3 million to federal and state regulators to settle charges it illegally processed more than $32 billion in transactions with countries subject to U.S. sanctions. The transactions occurred between 2003 and 2008 and involved Sudan, Iran, Myanmar and Cuba. Credit Agricole also will have to terminate an unnamed managing director. The bank agreed with client requests to hide identities on transactions going through New York, including one who called the crisis in Darfur “an exaggeration in the media,” the New York Department of Financial Services said.
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