USA and SocGen agree $1.34bn DPA over sanctions violations

Société Générale SA has entered into a 3-year Deferred Prosecution Agreement (DPA) with the USA over sanctions violations; namely, for processing (between 2004 and 2010) US dollar transactions involving countries, persons or entities subject to US sanctions. Under the DPA, SocGen has agreed to pay penalties totalling $1,340,165,000, and to implement remedial measures as required by its regulators. The penalty comprises:

• $717,200,000 to the US Attorney’s Office of the Southern District of New York (Press Release);
• $162,800,000 to the New York County District Attorney’s Office (Press Release);
• $53,900,000 to OFAC (Notice, Enforcement Information, and Settlement Agreement);
• $81,265,000 to the Federal Reserve (Press Release); and
• $325,000,000 to the New York State Department of Financial Services (Press Release).

We reported in September 2018 that SocGen had allocated approximately €1.1 billion ($1.3 billion) to the matter. Link to SocGen Press Release.