Societe Generale to Pay USD $1.4 Billion to Resolve US Disputes
French banking giant Societe Generale has agreed to pay USD $1.34 billion to the US government agencies to stop an investigation initiated by the authorities. The reason is the implementation of transactions with dollars evading US sanctions against Cuba and other countries.
In addition, the bank is also willing to pay USD $95 million to resolve another dispute related to the violation of anti-money laundering regulations. From 2003 to 2013 the bank carried out transactions valued billions of dollars that were sent to the countries the US has placed sanctions on (Iran, Sudan, Cuba, Libya).
Societe Generale also signed agreements stipulating that after a three-year trial period, subject to the conditions of the agreements, there will be no prosecution against the bank.