2 hours ago
The US Federal Reserve has announced that the bank will pay the US authorities fines of up to $ 1.34 billion to stop investigations into alleged violations of economic sanctions, Sanctions against Iran, Cuba and other countries.
The US Justice Department has announced that the second fine is being imposed on a financial institution for violating US sanctions, the US-based Al-Ghad Radio reported.
“Today, Société Générale acknowledged his intent to violate US penal laws and conceal his long-term violations, which led to the illegal transfer of billions of dollars through the US financial system,” said New York Attorney General Jeffrey Berman.
Referring to the Justice Department’s priorities, the lawyer also warned that “other banks should be aware that the application of US penal laws is a top priority for our institution and cooperating organizations.”
According to the US-based radio in the Czech capital, the Financial Services Authority in New York, one of the institutions involved in the case, said that the bank “Société Générale has improperly and non-transparent financial dealings with Iran exceeded $ 12.5 billion.”
According to the US Department of Justice, Société Générale has conducted more than 2,500 transactions with Cuba from 2004 to 2010 through US financial institutions.
According to the report, this has caused about $ 13 billion to be dealt with, while this amount should have been frozen or reviewed due to US sanctions.
Société Générale deplored this, saying he would hire more staff to train and qualify his team to comply fully with the penal code.
Société Générale, France’s second-largest bank, has been involved in numerous investigations and complaints in recent months.
The bank paid a fine of nearly one billion euros on charges related to Libya in 2017, and against this background resigned deputy Société Générale because of his style of handling complaints in this regard.