On November 19, 2018, French banking group Societe Generale agreed to pay $1.34 billion to U.S. federal and state authorities to resolve investigations into its handling of dollar transactions that breached U.S. sanctions rules, the Federal Reserve said.
The central bank said overseas offices of Societe Generale processed dollar-denominated transfers between 2007 and 2012 involving parties covered by the Treasury’s Office of Foreign Assets Control regulations.
The settlement closed a long-running regulatory probe into the bank’s cross-border payments activity. The Reuters report did not include any denial from Societe Generale in the text provided.
