The FSA imposed a fine of 1.5 million pounds at SocGen

The Financial Services Authority (FSA) has imposed Wednesday at Societe Generale fined 1.5 million pounds (1.9 million euros) for deficiencies in its reporting procedures.

The UK control of financial markets said in a statement the "seriousness" of the failings in the French bank in terms of reporting on financial transactions.

She adds that these failures have involved 80% of transactions that are subject to reporting, over a period of two years.

"We have cooperated fully with the FSA throughout their investigation," responded the SocGen said in a statement."We have taken all measures necessary to meet our future obligations for reporting on our dealings with the FSA.

The FSA said it is the sixth penalty for failure reporting it imposes a financial institution since August 2009.

The British bank Barclays, for example, in September 2009 sentenced to a fine of 2.45 million pounds for the same reasons. The German bank Commerzbank has been fined £ 595,000 last April.

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