French Bank Ordered to Pay USD 1 Billion by US for Sanction Breaches

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French national bank Société Générale is being ordered to a huge pay out to US authorities close to the sum of USD $1.4 billion in the second-largest settlement in US sanctions-related history. Payment of the fine will settle the balance of more than a thousand accounts of US sanction violations against various countries, even though the bank voluntarily disclosed the information. The US had sanctions with Cuba, Sudan and Iran which all appear to be in the list of dealings.

The settlement may even require additional enforcement actions against both financial institutions as US sanctions continue to increase in terms of intricacies and intercontinental scope.