Credit Agricole to pay $787.3 million in CMPs
OFAC has announced a $329,593,585 settlement with Credit Agricole Corporate and Investment Bank (CA-CIB) to settle potential civil liability for apparent violations of U.S. sanctions. The Federal Reserve Board also announced a $90.3 million penalty and consent cease and desist order against Crédit Agricole S.A., of Paris, France, related to violations of U.S. sanctions. The OFAC settlement and the Federal Reserve's order are being taken in conjunction with actions by the U.S. Department of Justice, the New York County District Attorney's Office, and the New York Department of Financial Services for violations of U.S. sanctions requirements, and various New York state laws. The overall $787.3 million Crédit Agricole will pay includes $385 million to the New York State Department of Financial Services (NYDFS), $90.3 million to the Federal Reserve; $156 million to the Manhattan District Attorney's Office and $156 million to the U.S. Attorney's Office for the District of Columbia. The OFAC penalty is deemed satisfied by the amounts Crédit Agricole is paying to the other agencies.
Various CA-CIB entities used cover payments and/or implemented special payment practices in a manner that omitted references to U.S.-sanctioned parties in U.S. dollar S.W.I.F.T. payment messages sent to the United States, thereby preventing U.S. financial institutions from appropriately reviewing and analyzing the transactions for compliance with OFAC regulations. CA-CIB utilized these practices in 4,297 financial transactions in apparent violation of the Sudanese Sanctions Regulations, Cuban Assets Control Regulations, the Burmese Sanctions Regulations, and the Iranian Transactions and Sanctions Regulations.
OFAC announcement: http://www.treasury.gov/resource-center/sanctions/CivPen/Documents/20151...
OFAC settlement agreement: http://www.treasury.gov/resource-center/sanctions/CivPen/Documents/20151...
Federal Reserve announcement: http://www.federalreserve.gov/newsevents/press/enforcement/20151020a.htm
NYDFS announcement: http://www.dfs.ny.gov/about/press/pr1510201.htm