(Bloomberg) -- Societe Generale SA settled its longstanding sanctions violations case with U.S. authorities, entering a deferred prosecution agreement with federal prosecutors and paying $1.34 billion to regulators in New York and Washington.

As part of the settlement, France’s third-largest bank acknowledged violations of U.S. sanctions laws against Iran, Sudan and Cuba starting as far back as 2003 and extending to 2013. According to a consent order filed by New York’s Department of Financial Services, the bank executed more than 2,600 outbound payments during this period, valued at about $8.3 billion, in violation of U.S. sanctions laws.

The bank agreed to pay $1.34 billion in all to resolve the settlement, the U.S. Federal Reserve said in a statement. In addition to paying penalties to the U.S. Justice Department, the bank will pay $420 million to New York’s Department of Financial Services, $81 million to the U.S. Federal Reserve and $54 million to the U.S. Treasury.

SocGen resolved two other U.S. investigations -- relating to bribery in Libya and the manipulation of interest rates -- for a total of $1.3 billion in June. Today’s settlement is the first major sanctions settlement involving a global bank during the Trump administration. In 2015, Credit Agricole S.A. settled a sanctions matter with U.S. authorities for $787 million.

To contact the reporter on this story: Greg Farrell in New York at gregfarrell@bloomberg.net

To contact the editors responsible for this story: Jeffrey D Grocott at jgrocott2@bloomberg.net, David S. Joachim

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