SocGen to pay $1.3 billion to settle U.S. sanctions case

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SocGen to pay $1.3 billion to settle U.S. sanctions case – Pensions & Investments










































































<br /> <!-- Swiftype Variables --> <br /> Societe Generale settled its longstanding sanctions violations case with U.S. authorities, paying $1.34 billion to regulators.<br /> <br /> Societe Generale settled its longstanding sanctions violations case with U.S. authorities, entering a deferred prosecution agreement with federal prosecutors and paying $1.34 billion to regulators in New York and Washington.</p> <p>As part of the settlement announced on Monday, France’s third-largest bank acknowledged violations of U.S. sanctions laws against Iran, Sudan and Cuba starting as far back as 2003 and extending to 2013. According to a consent order filed by New York’s Department of Financial Services, the bank executed more than 2,600 outbound payments during this period, valued around $8.3 billion, in violation of U.S. sanctions laws.</p> <p>The bank agreed to pay $1.34 billion in all to resolve the settlement, the U.S. Federal Reserve said in a statement. In addition to paying $717 million to the U.S. Justice Department, the bank will pay $420 million to New York’s Department of Financial Services, $163 million to the Manhattan District Attorney’s office, $81 million to the U.S. Federal Reserve and $54 million to the U.S. Treasury.</p> <p>“Societe Generale has admitted its willful violations of U.S. sanctions laws — and longtime concealment of those violations — which resulted in billions of dollars of illicit funds flowing through the U.S. financial system,” said U.S. Attorney Geoffrey S. Berman in Manhattan, who announced the settlement. </p> <p>SocGen resolved two other U.S. investigations — relating to bribery in Libya and the manipulation of interest rates — for a total of $1.3 billion in June. </p> <p>

































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