Nov 19, 2018

US officials fined Societe Generale $1.3 billion after charging the French bank with violating US sanctions on Cuba, Iran and other countries in a criminal settlement unveiled Monday.

The financial penalty is the second largest ever on a financial institution for violating US sanctions, said the Department of Justice, which was joined in the action by the Federal Reserve, US Treasury Department and New York authorities.

"Today, Societe Generale has admitted its willful violations of US sanctions laws –- and longtime concealment of those violations -– which resulted in billions of doll

ars of illicit funds flowing through the US financial system," said Geoffrey Berman, US Attorney for the Southern District of New York, outlining terms of a three-year probation period for the French bank under a deferred prosecution agreement.

"Other banks should take heed: Enforcement of US sanctions laws is, and will continue to be, a top priority of this office and our partner agencies."