| NEW YORK, March 7
NEW YORK, March 7 U.S. authorities are
investigating whether two French banks violated anti-money
laundering rules and economic embargoes on countries like Iran,
according to a person familiar with the investigation.
Regulators in New York and Washington are looking at
potential violations by Credit Agricole and Societe
Generale of U.S. economic sanctions imposed against
the countries, the source said.
In addition to the Iran sanctions violations, the
investigation is looking at whether the banks broke embargoes
against Cuba and Sudan, according to the source.
The agencies involved include the U.S. Treasury Department,
the Justice Department, the New York State Department of
Financial Services and the Manhattan District Attorney's office,
the source said.
Spokespeople from the district attorney's office and the
Treasury declined to comment. The banks did not immediately
respond to requests for comment.
The Wall Street Journal reported the investigation on
Reuters reported in October that New York's top financial
services regulator, Benjamin Lawsky, had asked four European
banks, including Credit Agricole and SocGen, to hand over
details of their transactions with a Jordanian bank and
documents related to Turkey's Uzan family, which owes billions
of dollars to Motorola Credit Corp.
Lawsky's office has probed several other banks on anti-money
laundering violations. It has reached settlements with Bank of
Tokyo-Mitsubishi, which is owned by Mitsubishi UFJ Financial
Group Inc, and Standard Chartered over
allegations that the banks violated economic sanctions against
countries like Iran.