Societe Generale Pays $1.34 Billion to Settle Sanctions Violations

December 1, 2018

Publication: 

Export Practitioner

Related Country: 

  • France
  • Iran
  • United States

French financial services firm Societe Generale has agreed to pay $1.34 billion as part of multiple settlement agreements with the Treasury Department's Office of Foreign Assets Control, the Federal Reserve, the New York Department of Financial Services, and the Manhattan District Attorney over violations of U.S. sanctions on Cuba, Iran, Libya, and Sudan. The settlements include a three-year deferred prosecution agreement on a felony charge of conspiracy to violate the Trading with the Enemy Act. Societe Generale voluntarily reported the violations, which included processing billions of dollars of transactions on behalf of these countries in the U.S. financial system.