All the sanctions against Crédit Agricole in the USA

27 September 20222 years ago babelfish

Two subsidiaries of Crédit Agricole CIB agreed to pay $ 1.1 million in the United States for sanctions violations. Here are the details

Two branches of the corporate and investment banking arm of the French bank Crédit Agricola have reached an agreement with the US authorities regarding the alleged violations of sanctions against some countries, agreeing to pay more than $ 1.1 million in civil penalties. The US Treasury Department announced this yesterday.

WHICH ARE THE TWO SUBSIDIARIES

CA Indosuez Switzerland SA, a Swiss-based indirect subsidiary of Crédit Agricole Corporate & Investment Bank (Crédit Agricole CIB), has agreed to pay $ 720,258 for alleged violations of US sanctions against Cuba, Iran, Sudan and the Syria, as well as for those related to the illegal Russian annexation of Ukrainian Crimea.

Another indirect subsidiary of Crédit Agricole CIB, CFM Indosuez Wealth, based in Monaco, agreed to pay $ 401,039 for sanctions against Cuba, Iran and Syria.

VIOLATIONS FROM 2011 TO 2016

According to the Treasury Department, the two companies were responsible for implementing the compliance policies of the two parent companies, Crédit Agricole and Crédit Agricole CIB. However, they would not have implemented them from 2011 to 2016.

MANAGEMENT OF ACCOUNTS AND TRANSACTIONS

The ministry also claims that the two subsidiaries have helped both to manage bank accounts and dollar securities on behalf of clients located in sanctioned jurisdictions, and to process dollar transactions through the US financial system, also making use of banks and companies. American brokerage.

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This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/credit-agricole-sanzioni-stati-uniti/ on Tue, 27 Sep 2022 12:50:53 +0000.