Analysis and Commentary on Money Laundering, Terrorist Financing and Financial Crime
Tuesday, November 20, 2018
SOCIETE GENERALE TO PAY $1.3bn TO OFAC AND OTHERS FOR SANCTIONS VIOLATIONS
Readers who are interested in reviewing the Settlement Agreement between the US Treasury Department Office of Foreign Asset Control (OFAC) and Société Genérale SA, for the Bank's violations of Cuban, Sudanese and Iranian sanctions regulations kindly see the link below. The Amount imposed by OFAC is $53.9m; it involved $5.5bn in transactions that violated OFAC regulations. Other fines and civil penalties are also imposed by other regulatory organizations. The total appears to be $1.33bn.