Five regulators settled charges against Credit Agricole S.A. and Credit Agricole Corporate & Investment Bank for allegedly engaging in prohibited transactions between 2003 and 2008 with countries and entities subject to US financial sanctions. The countries included Sudan, Iran, Myanmar and Cuba. The regulators included the US Department of Treasury, the Board of Governors of the Federal Reserve System, the US Attorney’s Office for the District of Columbia, the Manhattan District Attorney’s Office and the New York State Department of Financial Services. According to the regulators, Credit Agricole allegedly agreed to clients’ requests to disguise their identities in transactions in over US $32 billion of US dollar payments processed through its New York branch and unaffiliated US financial institutions, as well as to engage in financial sanction violations on their behalf. To resolve this matter, Credit Agricole agreed to pay US $787 million in total penalties and the imposition of certain undertakings.