- About CW
- Topics
- Events
- Research
- Awards
- CW Connect
- Membership
“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
Blog
Crédit Agricole to Pay $787 Million for Sanctions Violations
Crédit Agricole will pay a total of $787.3 million in criminal and civil financial penalties for economic sanctions violations. Federal and local agencies allege that Crédit Agricole engaged in a series of schemes to process more than $32 billion in U.S. dollar payments through its New York branch from its ...
-
Premium
Compliance Week TPRM Summit: TPRM has become the business continuity plan
Global supply chains are constantly in flux: crucial vendors could suddenly go bankrupt, fail to produce key components without warning, or even lose your firm’s data in a breach. The result has drawn ever more attention to third-party risk management as a critical element of many businesses.
-
News BriefApple, Google face compliance crossroads as states push digital safeguards
A new law in Texas will go into effect next January that requires Apple and Google to verify the age of their app store users. This marks another piece of legislation from the state level intended to protect children, and the second such law specifically from Texas to limit children’s ...
More from Regulatory Enforcement
-
Basic PageSEC drops Binance lawsuit as Trump admin continues reshaping crypto enforcement
The Securities and Exchange Commission dropped its case against cryptocurrency exchange Binance, just the latest in a string of dismissals that highlight the SEC’s change of course under the crypto-friendly Trump administration.
-
PremiumUK regulator’s efforts to coax self-reporting fraud could fall flat, experts warn
To both clean up corporate behaviour and rack up its own enforcement record, the UK’s anti-bribery agency has seemingly largely guaranteed companies a pass from prosecution if they spill the beans on their misconduct. There’s only one problem: experts believe businesses may still stand a better outcome if they front ...
-
News BriefCPSC firings spark legal fight as Trump continues ousting independent officials
Three former commissioners of the Consumer Product Safety Commission who were fired by President Donald Trump earlier this month have filed a lawsuit against the government over their dismissal. The move joins many more court battles over Trump’s sudden slashing of government agencies, which some courts have deemed illegal, blocking ...