The French bank Societe Generale is to pay the US authorities USD1.34 billion to settle more than a thousand charges of violating US sanctions against Cuba, Iran and Sudan, even though the bank voluntarily disclosed the violations.
It is the second-largest sanctions-related settlement in US history, and may signal additional enforcement actions against both financial institutions and non-financial institutions as US sanctions continue to increase in complexity and extraterritorial scope, says US law firm Ropes and Gray.
