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.
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