Société Générale agrees to pay $1.34bn for sanctions-busting
The bank acknowledges violations of US sanctions laws against Cuba, Iran and Sudan starting as far back as 2003 and extending to 2013
New York/Paris — Société Générale settled its longstanding sanctions violations case with US authorities, entering a deferred prosecution agreement with federal prosecutors and paying $1.34bn to regulators in New York and Washington. As part of the settlement announced on Monday, France’s third-largest bank acknowledged violations of US sanctions laws against Cuba, Iran and Sudan starting as far back as 2003 and extending to 2013. The bank agreed to pay $1.34bn in all to settle the matter, the US Federal Reserve said. For the sanctions violations, it will pay $717m to the US justice department, $325m to New York’s department of financial services, $163m to the Manhattan district attorney’s office, $81m to the US Federal Reserve and $54m to the US treasury. It will pay an additional $95m to the financial services department for weak controls to fight money laundering. The settlement “will remove the bulk of the bank’s legal risks in the US”, according to a report by Bloomberg Intelli...
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