SocGen to tighten money-laundering oversight: US Fed

The US Federal Reserve said Tuesday that French bank Societe Generale had agreed to tighten its money-laundering oversight at its New York branch after "deficiencies" there were found. The Fed said that examiners had "identified compliance and risk management deficiencies" in operations at the New York branch, including lapses of compliance with federal and state laws and regulations relating to anti-money laundering and bank secrecy.
Under the terms of the agreement with Societe Generale reached on February 17, the French banking giant has 120 days from the date of the agreement to review its operations and report to the US central bank how it plans to ensure legal operations.