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French bank to pay US$54m as settlement for US sanctions violations
来源： 编辑：编辑部 发布：2018/11/24 09:53:57
PARIS-based bank Societe Generale has agreed to remit to the US government U$54 million to settle its potential civil liability for 1,077 violations of the Cuban Assets Control Regulations, Iranian Transactions and Sanctions Regulations, and Sudanese Sanctions Regulations.
The total base penalty for the alleged violations that took place between 2007 and 2012 was $101.63 million, reported American Shipper.
The Treasury Department's Office of Foreign Assets Control (OFAC) said Societe Generale "exercised a reckless disregard for US sanctions requirements when it demonstrated a pattern or practice across multiple bank units and business lines of processing transactions to or through US financial institutions after removing, omitting, obscuring or otherwise failing to include the involvement of OFAC-sanctioned parties in associated payment instructions."
OFAC credited the bank for self-disclosing the violations to the agency and cooperating with investigators.
Societe Generale has furthermore centralised its sanctions compliance functions, expanded its compliance staff and instituted company-wide sanctions training, OFAC said.
The total base penalty for the alleged violations that took place between 2007 and 2012 was $101.63 million, reported American Shipper.
The Treasury Department's Office of Foreign Assets Control (OFAC) said Societe Generale "exercised a reckless disregard for US sanctions requirements when it demonstrated a pattern or practice across multiple bank units and business lines of processing transactions to or through US financial institutions after removing, omitting, obscuring or otherwise failing to include the involvement of OFAC-sanctioned parties in associated payment instructions."
OFAC credited the bank for self-disclosing the violations to the agency and cooperating with investigators.
Societe Generale has furthermore centralised its sanctions compliance functions, expanded its compliance staff and instituted company-wide sanctions training, OFAC said.