Sunday , August 14 2022

Societe Generale is fined $ 1.34 billion for violating US sanctions


The Federal Reserve has announced that Societe Generale will pay US dollars a fine of up to $ 1.34 billion to stop investigating alleged violations of economic sanctions.

At the same time, the French Bank has entered into a separate deal with the New York Financial Services Department to pay $ 95 million to stop the obstacles preventing it from taking reasonable steps to combat money laundering.

The second largest French bank quickly issued a statement asserting that the funds were "fully covered by the funds allocated to offset the differences in the Societe Generale accounts."

"These agreements will have no further impact on the Bank's performance for 2018," he added.

"We regret and regret the shortcomings found in these investigations and we have worked with the US authorities to put an end to these cases," said Chief Executive Officer of Frederic Odier.

"In the future, our goal is to be a trusted partner," he added. "Creating a culture of responsibility in the way we manage and develop our activities is a priority at the heart of our strategic plan."

The Bank has concluded two agreements to stop the obstacles it faces, one with the New York Public Prosecutor's Office and the other with the Prosecutor General's Office in New York.

According to a statement of a banking agreement with the US authorities, they have closed an investigation into "certain US dollar transactions by Societe Generale and include states, individuals or entities subject to US economic sanctions and New York-controlled laws."

However, the bank will be subject to a three-year probationary period at the end of which all violations will be suspended if it is shown to be in line with the treaty in which it also pledged to cooperate with the US authorities.

Much of the French bank's infringement concerns economic sanctions against Cuba and, to a lesser extent, other countries subject to US economic sanctions, including Iran.


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