SOCIETE GENERALE OF FRANCE TO PAY $1.3 BILLION TO OFAC AND OTHERS FOR SANCTIONS VIOLATIONS

SOCIETE GENERALE OF FRANCE TO PAY $1.3 BILLION TO OFAC AND OTHERS FOR SANCTIONS VIOLATIONS

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Readers who are interested in reviewing the Settlement Agreement between the US Treasury Department Office of Foreign Asset Control (OFAC) and Société Genérale SA, for the Bank's violations of Cuban, Sudanese and Iranian sanctions regulations kindly see the link below. The Amount imposed by OFAC is $53.9m; it involved $5.5bn in transactions that violated OFAC regulations. Other fines and civil penalties are also imposed by other regulatory organizations. The total appears to be $1.33bn.

The 8-page Agreement can be accessed here.

Additionally, the Bank executed two Consent Orders with the State of New York Department of financial services, These may be seen here and here.

Chronicles of Monte Friesner - Financial Crime Analyst  

Contributed by Kenneth Rijock - Financial Crime Consultant