Société Générale Hit With $1.34bn Fine For U.S. Sanctions Violations

Banking giant Société Générale has been handed the U.S.’ second largest-ever fine for “willful violations” of international sanctions, devising systems to facilitate illicit fund transfers worth billions to Iran, Cuba and Sudan.

The financial institution agreed on Monday to pay a group of federal and state-level authorities a total of just over $1.34bn after allegations of serious wrongdoing, some going back more than decade.

For violations of U.S. sanctions, the Department of Justice confirmed the fine is second only in size to a $8.9bn fine handed to BNP Paribas in 2015.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.