November 19, 2018

French bank settles sanctions charges

Société Générale S.A. has settled allegations that it violated US sanctions and New York state law.  In a global settlement involving OFAC, the Board of Governors of the Federal Reserve System, the Department of Justice, the New York County District Attorney’s Office, the Southern District of New York, and the New York Dept. of Financial Services, the bank agreed to pay $53,966,916.05 to resolve potential civil liability for violations of the Cuba, Iran, and Sudan sanctions.  Although the bank voluntarily disclosed the violations, it ignored warning signs that its conduct might constitute a violation of sanctions laws.