Daily Management Review

Societe Generale gets fined for $ 1.34 bln in the US


11/20/2018


The French bank was accused of violating US sanctions against Iran, the DPRK, Cuba, Libya, Myanmar and Sudan.



Tom Mascardo 3 via flickr
Tom Mascardo 3 via flickr
A press release from the US Department of Justice notes that Societe Generale will pay separate fines to the US Treasury Department for Foreign Asset Control, the Fed, the New York State Financial Services Department, and a number of other departments. The total amount of the fines will be $ 1.34 billion.

In the New York State Department of Financial Services, Societe Generale allegedly committed violations of US sanctions against Cuba from 2004 to 2010, as well as against Sudan in 2007–2012.

US authorities accuse Societe Generale of allegedly conducting illegal transactions (prohibited by US sanctions) for Cuba in the amount of $ 7.7 billion, for Sudan - in the amount of $ 333 million, for Libya - in the amount of $ 145 million, for Iran - in the amount of $ 140 million, for Myanmar - in the amount of $ 14 million, for North Korea - in the amount of $ 500 thousand.

According to the press service of the prosecutor's office of the southern district of New York, the fine for Societe Generale was the second largest financial punishment for violations of US sanctions ever imposed on banks.

source: cnbc.com






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