New York state is due to receive $385 million of a $787 million fine levied against Crédit Agricole after it was determined the company conducted business with entities with ties to countries under formal U.S. sanction, the Department of Financial Services on Tuesday announced.

As part of the settlement, the firm will also create an independent monitor violations of banking law over transactions conducted during a five-year period on behalf of countries that are subject to U.S. sanctions, including Sudan, Iran, Myanmar and Cuba.

“Crédit Agricole engaged in a series of schemes to evade U.S. sanctions and deceive its regulators,” said Anthony Albanese, the acting Department of Financial Services superintendent. “Our agency will continue to aggressively investigate and uncover misconduct at banks meant to circumvent U.S. sanctions laws – both past and present.”

State regulators said the firm between 2003 and 2008 processed more than $32 billion in payments through its New York branch from locations overseas, including Paris, London, Singapore, Geneva, Hong Kong and the Gulf.

The payments worked as a U.S. dollar clearing service on behalf of entities located in countries that are under economic sanction, including Sudanese, Iranian, Burmese and Cuban enties.

New York is in line to receive $385 million, while $90.3 million will go to the Federal Reserve. The Manhattan District Attorney’s office will receive $156 million from the fine, as will the U.S. attorney’s office in Washington, D.C.