Credit Agricole to pay $1.1M to settle sanctions violations by 2 subsidiaries
By 
Aaron Nicodemus2022-09-27T19:28:00
Paris-based Crédit Agricole Corporate and Investment Bank will pay a total of approximately $1.1 million to settle charges its subsidiaries violated U.S. sanctions in five sanctioned countries.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) settled apparent sanctions violations with CA Indosuez Switzerland for $720,258, while Monaco-based CFM Indosuez Wealth will pay $401,039.
CA Indosuez was accused of operating 17 banking and securities accounts services for three years for customers based in Cuba, Ukraine (Crimea region), Iran, Sudan, and Syria. CFM Indosuez allegedly operated 11 banking and securities accounts for 4 1/2 years for customers in Cuba, Iran, and Syria.
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