Société Générale has been slapped with a $1.34 billion criminal penalty for conspiring to violate the Trading with the Enemy Act and the Cuban Asset Control Regulations, representing the second largest penalty ever imposed on a financial institution for violations of U.S. economic sanctions.
Specifically, Société Générale faces criminal charges for its role in processing billions of dollars of U.S. dollar transactions using the U.S. financial system in connection with credit facilities involving Cuba. The case has been assigned to U.S District Judge Kevin Castel.
