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






Science & Technology

Tech giants face stricter government regulation in the US

Nestle's Head: Veggie meat is new megatrend

Huawei may introduce Android replacement in August

Are US high-tech investors causing brain drain in Europe?

'Russia's Google' Yandex Was Hacked By Western Intelligence For Spying: Reuters

Reuters: Chinese hackers were stealing data from IT giants for years

China's first solar power molten salt plant sets record

WSJ announces imminent start of Boeing 737 MAX flight tests

Study: Machine learning is five times more harmful for the environment than a car

Would Singapore Be The First One To Bring Lab Grown Shrimps To The Global Market?

World Politics

World & Politics

France announces new tax for air fares

Europe Concerned Over Iran Move To Breach Uranium Enrichment Cap

Singapore To Build ‘$296 Million’ Smart Next-Gen Army Training Centre

No More Sales Of E-Cigarettes In San Francisco?

US ‘Hell-Bent On Hostile Acts’ Even After Trump-Kim Agreement, Says North Korea

Italy avoids EU sanctions for high national debt

Trump allocates 4.6 bln to help migrants

Iran Says Trump’s Belief That US-Iran War Would Be Short Is “An Illusion”