BNP Paribas agreed to pay nearly $9 billion and plead guilty to violating US sanctions against Sudan, Iran and other countries, an unprecedented settlement that includes a year-long ban on the French bank's ability to transact in US dollars.

The $8.97 billion settlement, announced Monday by US authorities, marks the largest-ever fine paid by a bank for violations of US economic sanctions and imposes other penalties rarely used against financial institutions. The settlement comes as the US Justice Department is eager to prove no financial institution is "too big too jail' - or so large that punishing a bank for misconduct could hurt the broader economy.