Multiple federal and state government bodies issued a total of $1.34 billion in fines against a French investment bank for engaging in unsafe and sound business practices. The penalty total is the second-largest ever imposed on a financial institution for violating U.S. economic sanctions laws.
The firm has been charged one felony count for conspiring to violate the Trading with the Enemy Act, as well as violations of regulations enforced by the Treasury Department’s Office of Foreign Assets Control and various New York state laws.
Find out more about the charges brought against the firm.