November 19, 2018 / 5:39 PM / 21 days ago

Societe Generale to pay $1.34 billion fine for sanctions violations - Federal Reserve

FILE PHOTO: The logo of French bank Societe Generale is seen on the company's headquarters in Puteaux at the financial and business district of La Defense near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau/File Photo

WASHINGTON (Reuters) - French banking giant Societe Generale (SOGN.PA) on Monday agreed to pay U.S. federal and state authorities $1.34 billion (1.04 billion pounds) to resolve investigations into its handling of dollar transactions in violation of U.S. sanctions, the Federal Reserve said.

From 2007 and 2012, overseas offices of SocGen processed dollar-denominated funds transfers involving parties subject to the Treasury’s Office of Foreign Assets Control regulations, the Fed said.

Reporting by Katanga Johnson

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