Societe Generale to pay $1.3B fine over US sanctions breach

Monday, 19. November 2018 19:30

French bank Societe Generale agreed to pay $1.34 billion in order to resolve a case related to a breach of United States sanctions, the US Federal Reserve announced on Monday. According to the Fed, the French bank was from 2007 to 2012 involved in "unsafe and unsound practices primarily related to violations of US sanctions" against a number of countries including Iran, Cuba, Sudan and Lybia.

Societe Generale will be fined for "insufficient policies and procedures to ensure that the activities conducted at its offices outside of the United States complied with US sanctions laws," the Fed added, referring to the bank's handling of dollar-transactions in the sanction countries. The penalty will be split between the US Justice Department, the Office of Foreign Assets Control, the New York County District Attorney's Office, and the New York Department of Financial Services.

Related Links: Société Générale S.A.
Breaking the News / FH