SocGen expects €1.1bn penalty over US sanctions violations

shutterstock_373709431.jpgFrench multinational bank Société Générale issued a statement last week that it had “entered into a phase of more active discussions” with US authorities with a view to reaching a resolution in the coming weeks over allegations that it had processed US dollar transactions for persons subject to US sanctions. In consequence, SocGen has allocated approximately €1.1 billion to the matter, and expects the US penalty to be “almost entirely covered” by that amount.

This entry was posted in USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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