The world's fourth-largest financial institution agreed this week to pay record penalties of nearly $9 billion for processing transactions through the U.S. financial system on behalf of entities subject to U.S. economic sanctions.

Paris-based BNP Paribas agreed to plead guilty in U.S. federal court for conspiring to violate the International Emergency Economic Powers Act and the Trading with the Enemy Act, according to the FBI.

This is the first time a global bank has agreed to plead guilty to large-scale, systematic violations of U.S. economic sanctions, the FBI said.

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