Société Générale receives $1.3bn penalty for sanctions violations
Nicole last edited by Nicole
In September Sanctionline reported that French bank Société Générale SA (SocGen) was expecting a €1.2 billion penalty for US sanctions violations. This week it was revealed that SocGen entered into a three year Deferred Prosecution Agreement (DPA) with US authorities, incurring penalties of more than $1.3 billion.
It is thought that SocGen processed and concealed USD transactions involving sanctioned persons, entities and countries between 2003 and 2013.