NEW YORK, November 30 - The U.S. Department of Justice on Tuesday ended a criminal case against Societe Generale SA relating to violations of U.S. sanctions after the French bank agreed to pay $1.34 billion and meet the terms of a three-year deferred prosecution agreement.
Societe Generale agreed to https: www.reuters. From 2003 to 2013, the article US-USSCN 1 NO 26 B was paid in November 2018 to resolve federal and New York state claims that it handled billions of dollars of transactions for parties associated with countries subject to embargoes or sanctions, including Cuba, Iran, Libya and Sudan.
U.S. District Judge Kevin Castel in Manhattan signed an order by the Justice Department that it will not proceed with the prosecution of Societete Generale because the bank has complied with its three-year agreement.
Societe Generale agreed at the time to pay $95 million to resolve a New York regulator's claims that it had violated anti-money laundering regulations.
The bank said it had cooperated with authorities to deal with the shortcomings identified in its settlements, and acknowledged and regretted them at the time.
Societe Generale's $1.34 billion payout was the second-largest against a bank for violating U.S. sanctions.
The largest was an $8.9 billion payout by France's BNP Paribas SA in 2015.
Deferred prosecution agreements are sometimes viewed as a form of probation that lets companies avoid criminal charges if they comply with the terms.