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Violation Tracker Individual Record

Company: Societe Generale SA
Current Parent CompanySociete Generale
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $420,000,000
Year: 2018
Date: November 19, 2018
Offense Group: financial offenses
Primary Offense: economic sanction violation
Secondary Offense: anti-money-laundering deficiencies
Violation Description: The Department of Financial Services entered into two consent orders with Societe Generale SA and its New York branch under which the bank agreed to pay fines totaling $420 million for violations of laws governing economic sanctions and New York anti-money laundering laws. A DFS investigation found that the bank executed billions of dollars in illegal and non-transparent transactions to parties in countries subject to embargoes or otherwise sanctioned by the United States, including Iran, Sudan, Cuba and Libya, and its New York branch violated New York Anti-Money Laundering (AML) and recordkeeping laws. In addition, the bank and the New York branch violated provisions of the banks' 2009 agreement with DFS to implement and maintain an effective Bank Secrecy Act/Anti-Money Laundering Law (BSA/AML) compliance program and transaction monitoring system. Societe Generale paid DFS $325 million for sanctions violations and $95 million for the BSA/AML violations.
Level of Government: state
Action Type: agency action
Agency: New York Department of Financial Services
Civil or Criminal Case: civil
Facility State: New York
HQ Country of Current Parent: France
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.