The settlement is expected to be announced later this week.
It follows a lengthy investigation of European banks by US authorities into illegal dollar transactions.
In
2013, Royal Bank of Scotland (RBS) was fined $100m by US regulators for
violating sanctions against Iran, Sudan, Burma and Cuba.
Credit
Agricole stands accused of transferring billions of dollars to accounts
held by entities from those same countries between 2003 and 2008.
The bank is paying the fine as part of a so-called deferred prosecution agreement.
The agreement means the bank will not have to plead guilty to any charges as long as it meets certain requirements.
It
is understood that some of the bankers responsible for the wrongdoing
have already been dismissed from their jobs at the bank.
In
August, Credit Agricole set aside $350m in provisions in relation to
the case, saying it was at an "advanced stage" in discussions over the
alleged sanctions violations and expected to reach a settlement in
autumn 2015.
Rival French bank BNP Paribas was ordered to pay a record $8.9bn fine earlier this year for similar alleged violations.
Other
European banks including Deutsche Bank, Societe Generale and UniCredit
have already said they are co-operating with US investigations into
alleged sanctions violations.
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