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NYDFS fines Société Générale $420 million for ignoring sanctions, AML violations

( November 19, 2018, 18:35 GMT | Official Statement) -- MLex Summary: The New York Department of Financial Services has entered into two consent orders with Société Générale and its New York branch under which the bank will pay fines totaling $420 million for violating laws governing economic sanctions and New York anti-money laundering laws. A probe found that the bank executed billions of dollars in illegal and non-transparent transactions to parties in countries subject to embargoes or otherwise sanctioned, and its New York branch violated state anti-money laundering and recordkeeping laws. In addition, the bank and its New York branch violated provisions of a 2009 agreement with DFS to implement and maintain an effective AML compliance program and transaction monitoring system. Société Générale will pay $325 million for sanctions violations and $95 million for the AML violations.Statement follows in full. Also see document below. ...

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