Societe Generale announces the dismissal of legal proceedings related to agreements reached with U.S. authorities in 2018
Societe Generale announces the end of two separate legal proceedings brought by the U.S. Department of Justice (“DOJ”), one relating to Societe Generale’s IBOR submissions and certain transactions involving Libyan counterparties, and the other relating to U.S. economic sanctions compliance. In requesting that the courts dismiss the legal proceedings, DOJ confirmed that the Bank had fully complied with its obligations under the related deferred prosecution agreements.
These two orders, issued on November 30, 2021 and December 2, 2021, by U.S. federal courts, follow the expiration of the deferred prosecution agreements Societe Generale reached in November 2018 with U.S. authorities relating to the same U.S. economic sanctions compliance issues, and the deferred prosecution agreement reached in June 2018 with the DOJ relating to IBOR matters and transactions with Libyan counterparties. The latter settlement was entered into contemporaneously with a French settlement (convention judiciaire d'intérêt public, “CJIP”) between Societe Generale and the French Procureur National Financier (PRF) focused on the Libyan matters. The PRF terminated the public proceedings against Societe Generale in December 2020 following its acknowledgement that Societe Generale had fulfilled its obligations under the CJIP.
In recent years, Societe Generale has put in place very significant means and resources to strengthen its overall compliance and control system in order to prevent violations of law and meet the banking sector's high compliance and ethical standards. Societe Generale is committed to maintaining its efforts going forward. The Bank will continue to implement enhancements and to promote compliance and integrity as key components of its corporate culture.
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