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March 7, 2012updated 04 Apr 2017 3:42pm

French regulators probe SocGen on control systems

French financial regulators launched disciplinary proceedings against Socit Gnrale last September, following an investigation into its private bank, the Frenchbanking group has revealed. The French banking and insurance regulator LAutorit de contrle prudentiel (ACP) initiated the action following an investigation into the banks controls on money laundering and terrorism financing.

By Thomas McMahon

French financial regulators launched disciplinary proceedings against Société Générale last September, following an investigation into its private bank, the French banking group has revealed.

The French banking and insurance regulator L’Autorité de contrôle prudentiel (ACP) initiated the action following an investigation into the bank’s controls on money laundering and terrorism financing.

Société Générale reported the matter in its 2012 registration document, dated March 2.

According to the document the investigation was part of a broader enquiry into large French companies.

A spokesman for Société Générale Private Bank had no further comment.

 

 

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