Société Générale expecting to pay $1.3 billion in fines to the U.S. for economic sanctions violations

The French bank is in discussion with U.S. authorities, particularly OFAC,  in resolving fines for facilitating transactions in violation of U.S. economic sanctions. It is currently unknown which sanctions program was violated and the number of transactions and parties involved.

This news report may have great implications on the future of banks involvement with Iran post-JCPOA and in violation of U.S. secondary sanctions on Iran.