Op risk data: SocGen hit with $95m money laundering fine

Citi, JP Morgan settle Sibor rigging claims; Europe matches US on AML fines. Data by ORX News


The largest publicly reported op risk loss in November was $95 million paid by Societe Generale to the New York State Department of Financial Services for anti-money laundering (AML) and compliance deficiencies.

The regulator first identified failings in SocGen’s compliance and AML programmes in 2009, and ordered the bank to make improvements. These were successful between 2009 and 2013, but in 2014 onwards the bank’s compliance efforts declined “precipitously”, according to the DFS. SocGen

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: