Societe Generale to pay $1.34 billion fine for sanctions violations

French banking giant Societe Generale on Monday agreed to pay U.S. federal and state authorities $1.34 billion to resolve investigations into its handling of dollar transactions in violation of U.S. sanctions, the Federal Reserve said.

From 2007 and 2012, overseas offices of SocGen processed dollar-denominated funds transfers involving parties subject to the Treasury's Office of Foreign Assets Control regulations, the Fed said.

The violations are primarily related to the bank's "unsafe and unsound practices" related to U.S. sanctions against Cuba, the Fed said. As part of the agreement, Societe Generale must implement a program to comply with U.S. sanctions and is prohibited from re-employing people who were involved in the violations.

CNBC's Marilyn Haigh contributed to this report.

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