Arab Press

بالشعب و للشعب
Wednesday, Mar 11, 2026

U.S. ends Societe Generale sanctions case after bank complies with agreement

U.S. ends Societe Generale sanctions case after bank complies with agreement

The U.S. Department of Justice on Tuesday ended a criminal case against Societe Generale SA (SOGN.PA) related to violations of U.S. sanctions, after the French bank agreed to pay $1.34 billion and met the terms of a three-year deferred prosecution agreement.
Societe Generale agreed to the payment in November 2018 to resolve federal and New York state claims that from 2003 to 2013 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 on Tuesday signed an order in which the Justice Department said it "will not now proceed with the prosecution" of Societe Generale because the bank complied with its three-year agreement.

Societe Generale reached a separate agreement at the time to pay $95 million to resolve a New York regulator's claims it had violated anti-money laundering regulations.

The bank at the time acknowledged and regretted the shortcomings identified in its settlements, and said it had cooperated with authorities to resolve them.

Societe Generale's $1.34 billion payout was the second-largest against a bank for violating U.S. sanctions.

The largest was an approximately $8.9 billion payout by France's BNP Paribas SA (BNPP.PA) in 2015.

Deferred prosecution agreements are sometimes viewed as a form of probation that let companies avoid criminal charges if they comply with the terms.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Aramco Warns Global Oil Market Faces ‘Catastrophic’ Shock if Strait of Hormuz Remains Closed
Iran Launches Drone and Missile Attacks Across Gulf Targets Including Saudi Arabia, Kuwait and Bahrain
Saudi Arabia Elevates Fahad Al-Saif as Vision 2030 Enters Crucial Implementation Phase
Saudi Aramco Expands Routes to Move Oil Without Reliance on the Strait of Hormuz
Saudi Arabia and Pakistan Reaffirm Mutual Defense Cooperation Following Iran Strike
Saudi Arabia Plans Major Ukrainian Arms Deal to Counter Iranian Drone Threat
Pentagon Signals Intensification of U.S. Air Campaign as Iran Conflict Escalates
U.S. Senator Lindsey Graham Raises Prospect of Mutual Defense Pact With Saudi Arabia Amid Iran Conflict
Why Saudi Arabia Is Unlikely to Have Wanted U.S. Airstrikes on Iran
Saudi Arabia’s Red Sea Oil Exports Set to Reach Record High as Gulf Routes Face Disruption
Saudi Arabia Pushes East–West Oil Pipeline Toward Full Capacity as Hormuz Crisis Disrupts Global Energy Flows
Oil Prices Retreat From Peak as G7 Weighs Release of Strategic Reserves
Pentagon Identifies U.S. Soldier Who Died After Iranian Strike on Saudi Air Base
Why Saudi Arabia’s $50 Billion ‘The Line’ Megacity Slowed — and How Artificial Intelligence Is Reshaping the Plan
United States Withdraws Diplomatic Staff from Saudi Arabia and Southeast Turkey as Regional Conflict Escalates
Fanatics Moves Tom Brady Flag Football Showcase from Saudi Arabia to Los Angeles Amid Regional War
Saudi Arabia Seeks Strategic Support from Pakistan After Iranian Missile and Drone Attacks
Saudi Arabia Begins Oil Output Cuts as Hormuz Disruption Forces Storage Limits
Saudi Arabia Travel Advisory Tightened as Middle East War Triggers Regional Security Alerts
Saudi Arabia Warns Iran It Will Be ‘Biggest Loser’ as Drone Strikes Spread Across Gulf States
Lindsey Graham Urges Saudi Arabia to Join US Effort Against Iran as War Expands
Saudi Crown Prince Holds Strategic Calls With Spanish and Ukrainian Leaders Amid Regional Tensions
Kuwait’s Jazeera Airways Shifts Operations to Saudi Arabia Amid Regional Airspace Disruptions
Saudi Arabian Grand Prix: Why Jeddah’s Night Race Has Become One of Formula One’s Most Distinctive Events
F1 Leadership Addresses Bahrain and Saudi Arabia Races as Middle East Conflict Raises Safety Concerns
Zelenskyy Offers Saudi Crown Prince Assistance to Counter Iranian Drone Threat
Seventh U.S. Service Member Dies from Injuries After Iranian Strike in Saudi Arabia
Civilian Infrastructure Increasingly Hit as Iran Conflict Expands and Saudi Arabia Reports First Fatalities
Saudi Arabia Warns Iran to Halt Attacks and Signals Potential Retaliation
US Embassy in Riyadh Issues Security Alert Urging Americans to Shelter in Place Amid Regional Attacks
Projectile Strike on Saudi Residential Building Kills Two as Regional Conflict Expands
Saudi Arabia Warns Iran While Expanding Diplomatic Efforts to Contain Widening Middle East War
Iran’s President Rejects U.S. Surrender Demand as Drone and Missile Strikes Hit Gulf States
Saudi Arabia Intercepts Drone Swarm Targeting Strategic Shaybah Oil Field
Pakistan Faces Growing Pressure to Balance Ties With Iran and Saudi Arabia as Regional War Intensifies
Middle East Conflict Tests Mohammed bin Salman’s Vision to Transform Saudi Arabia Into a Global Hub
Proposed U.S.–Saudi Nuclear Deal Could Ease Traditional Nonproliferation Requirements
Iran Claims Strike on U.S.-Linked Oil Tanker Near Saudi Waters as Maritime Tensions Escalate
Saudi Arabia Says Air Defences Destroyed 23 Drones and Three Missiles Amid Escalating Regional Conflict
Saudi Arabia Warns Iran Against ‘Miscalculation’ After Missile and Drone Attacks Across Gulf
Iranian Missiles Intercepted Across Gulf as Air Defences Activate in Saudi Arabia, Qatar, UAE and Bahrain
U.S. Justice Department Pursues Criminal Cases Against Cuban Officials in New Legal Push
Abrupt Cancellation of U.S. Army Exercise Sparks Speculation Over Possible Middle East Deployment
Saudi Arabia Led OPEC Output Surge Ahead of Iran Strikes, Survey Finds
Cristiano Ronaldo Travels to Spain for Hamstring Treatment After Injury in Saudi Pro League Match
Saudi Aramco Reroutes Oil to Red Sea as Strait of Hormuz Disruptions Hit Gulf Exports
Saudi Arabia Presses Ahead With Economic Diversification Despite Fiscal and External Deficits
Middle East Conflict Puts Bahrain and Saudi Arabian Formula One Races at Risk
Iran Targets Israeli Diplomatic Site in Bahrain and US Air Base in Qatar as Regional Conflict Expands
Saudi Arabia Intercepts Three Ballistic Missiles Targeting Prince Sultan Air Base
×