Fed drops seven-year-old AML compliance order against NY branch of French bank

A 2017 enforcement action for violations of anti-money laundering laws against a French bank’s New York branch has been dropped by the Federal Reserve, the agency said Thursday.

In a release, the Fed said its action against the New York branch of Société Générale S.A. of Paris is terminated. After the results of a 2016 examination by Fed and state examiners were released, federal and state agencies in 2017 presented the bank branch with a cease and desist order. The agencies alleged that the examination identified deficiencies in the branch’s risk management and compliance with applicable federal laws, rules, and regulations relating to Bank Secrecy Act/anti-money laundering (BSA/AML) compliance.

The bank branch, at that time, was already under a 2009 written agreement that the Fed said was designed to correct certain deficiencies in the branch’s compliance with the BSA/AML requirements.

Thursday’s announcement by the Fed stated only that the 2017 order was terminated.

Federal Reserve Board announces termination of enforcement action with Société Générale S.A. and Société Générale New York Branch