US Fines Societe Generale $1.34Bln For Sanctions Violations - Federal Reserve

Fakhir Rizvi Published November 19, 2018 | 11:33 PM

US Fines Societe Generale $1.34Bln for Sanctions Violations - Federal Reserve

The United States ordered French banking giant Societe Generale to pay $1.34 billion in penalties for apparent violations of US sanctions against Cuba, Sudan, and Iran, the Federal Reserve said in a press release on Monday.

WASHINGTON (UrduPoint News / Sputnik - 19th November, 2018) The United States ordered French banking giant Societe Generale to pay $1.34 billion in penalties for apparent violations of US sanctions against Cuba, Sudan, and Iran, the Federal Reserve said in a press release on Monday.

"The penalties issued by all of the agencies total $1.34 billion," the release stated. "The Federal Reserve fined Societe Generale for having insufficient policies and procedures to ensure that the activities conducted at its offices outside of the United States complied with US sanctions laws."

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