- Société Générale (OTCPK:SCGLY) (OTCPK:SCGLF) agrees to pay $1.34B and enter a deferred prosecution agreement to settle a long-running sanctions violations case with the U.S.
- Under the agreement, SocGen acknowledged violating U.S. sanctions related to Cuba, Sudan, and Iran in transactions dating as far back as 2003 and lasting for about 10 years.
- The bank executed billions of dollars in illegal and non-transparent transactions to parties in countries subject to embargoes or other U.S. sanctions, said the New York Department of Financial Services, which participated in the investigation.
- Other U.S. authorities conducting the investigation were the Federal Reserve Board, the Department of Justice, the Manhattan District Attorney, and the Office of Foreign Assets Control.
- Previously: SocGen expects U.S. sanctions penalties (Sept. 4)
SocGen to pay $1.34B to settle sanctions case
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