trending Market Intelligence /marketintelligence/en/news-insights/trending/Y91u9VyBdeT-MDissoTf1A2 content esgSubNav
In This List

Fed hits Société Générale for BSA/AML issues

Blog

Insight Weekly: US election scenarios; borrowing costs rise; commercial REIT fears

Podcast

Street Talk | Episode 100 - KBW CEO offers optimism for bears fearful of bank liquidity, credit

Blog

Insight Weekly: Stocks endure more pain; bank branch M&A slows; debt ratios fall

Blog

Insight Weekly: Unease roils markets; US likely to slip into recession; firms' cash ratios fall


Fed hits Société Générale for BSA/AML issues

The Federal Reserve Board on Dec. 14 issued a cease and desist order against Paris-based Société Générale SA and its Societe Generale New York Branch saying the bank failed to fully comply with a March 2009 written agreement.

On March 4, 2009, the Fed entered a written agreement with the bank over alleged deficiencies at its New York branch's anti-money laundering policies, including Bank Secrecy Act laws. During that time, the bank was given 120 days to review the effectiveness of its New York branch's corporate governance, control infrastructure and business line accountability in connection with its Bank Secrecy Act and anti-money laundering programs.

In 2016, however, the Fed said it found deficiencies in the New York branch's anti-money laundering risk management and compliance regulations.

Under the cease and desist order, the bank will have 60 days to submit a written governance plan to improve its compliance with the Bank Secrecy Act and anti-money laundering regulations. It also must have an independent third-party review its compliance, among other things.