October 20, 2015

Paris-based Crédit Agricole Corporate and Investment Bank, owned by Crédit Agricole S.A. and which operates in over thirty countries, agreed to pay $787.3 million in criminal and civil penalties for violating the International Emergency Economic Powers Act and the Trading With the Enemy Act.  Between August 2003 and September 2008, Crédit Agricole subsidiaries in Geneva knowingly moved approximately $312 million through the US financial system on behalf of sanctioned entities located in Sudan, Burma, Iran and Cuba.  To facilitate these illegal transactions, these subsidiaries used deceptive practices which prevented the government, Crédit Agricole’s New York branch and other US financial institutions from filtering for, and consequently blocking or rejecting, the sanctioned payments.  Whistleblower Insider

Tagged in: Financial and Investment Fraud, Financial Institution Fraud,