Credit Agricole's U.S. Deferred Prosecution Agreements End

   By Donato Paolo Mancini 
 

Credit Agricole SA's (ACA.FR) Corporate and Investment Bank has fully complied with deferred prosecution agreements reached with U.S. authorities relating to economic sanctions, and those agreements have now expired, the bank said Monday.

The French bank said it entered into agreements in October 2015 with the U.S. Attorney's Office for the District of Columbia and the New York County District Attorney's Office. The agreements related to U.S.-dollar transactions processed by the CIB between 2003 and 2008 that were subject to U.S. economic sanctions and certain New York state laws.

The bank has met all the requirements of the agreements and these are now expired, it said, adding that it is pleased both offices have recognized the improvements made by the subsidiary to its sanctions compliance program.

Credit Agricole said it is committed to continuing reinforcing its internal procedures and controls regarding international sanctions law.

Write to Donato Paolo Mancini at [e-mail]; @donatopmancini

(END) Dow Jones Newswires

October 22, 2018 02:48 ET (06:48 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.