SocGen pays $1.4 bn to settle US regulatory disputes

Reported by: |Updated: November 22, 2018

Societe Generale said it is paying $1.4 billion to U.S. federal and state authorities to resolve pending legal disputes. The bank said it agreed to pay $1.34 billion to settle investigations into its handling dollar transactions in violation of U.S. sanctions against Cuba and other countries. Additionally, the bank said it agreed to pay $95 million to settle another dispute over violations of anti-money laundering regulations. The bank’s chief executive Fredereic Oudea said in a statement the bank acknowledged and regretted the shortcomings that were identified in these settlements and have cooperated with the U.S. authorities to resolve these matters. From 2003 to 2013, the bank executed billions of dollars in illegal transactions to parties in countries subject to embargoes or otherwise sanctioned by the United States, including Iran, Sudan, Cuba and Libya. The fines were issued by the Federal Reserve, U.S. Department of Justice, the U.S. Treasury’s Office of Foreign Assets Control, the New York County District Attorney’s Office and the New York Department of Financial Services.