Société Générale was fined Monday by various US agencies for $ 1.34 billion for violating various economic embargoes, a statement from the US Central Bank said.
Société Générale also entered into a separate agreement with the New York State Department of Financial Services for $ 95 million for not combating money laundering.
All these amounts "are entirely covered by the contentious clause registered in the accounts of Société Générale", immediately underlined the French bank in a statement. "These agreements will not have an additional impact on the Bank's results in 2018," he said.
"We acknowledge and regret the shortcomings identified in these investigations and we have collaborated with the US authorities to end these cases," said Frédéric Oudéa, CEO of the bank.
"In the future, our goal is to be a trustworthy partner.Engineering a culture of responsibility in the way we conduct and develop our business is a priority at the core of our strategic plan + Transform to Grow +," he added.
The agreements conclude investigations on "some transactions in US dollars by Société Générale concerning countries, persons or entities subject to US economic sanctions and according to the laws of the State of New York", said the bank, who signed a suspension of the He accuses with the New York federal prosecutor's office in charge of the case, as well as with his New York county counterpart.
However, the bank will be subject to a three-year trial period after which the cases will be abandoned if the Société Générale complies with the agreement.
In addition, the bank is committed to cooperating with the US authorities in accordance with the agreements.
Virtually all the violations concerned Cuba and, to a lesser extent, other countries subject to US economic sanctions, including Iran.
Regarding the amount negotiated with the New York State Department of Financial Services, it relates to the anti-money laundering deficits of its New York branch. The bank has 18 months to comply fully.