It did business with Citibank as a " correspondent bank, " beginning in the early 1990s and continuing until last March, after Citibank was visited by investigators for Levin.
42.
France's Banking Federation has come to Societe Generale's defense, urging Bank of France governor Jean-Claude Trichet to make clear rules on accepting checks from correspondent banks in foreign countries.
43.
The hearings will show . . . why U . S . banks should not extend the lifeline _ a correspondent bank account _ that keeps these banks in business,
44.
France's Banking Federation came to Societe Generale's defense Thursday, urging the Bank of France's governor, Jean-Claude Trichet, to make clear rules on accepting checks from correspondent banks in foreign countries.
45.
A spokesman for Societe Generale said the bank deals with around 200 checks a day from its correspondent banks in Israel, a small fraction of the 3 million handled from other countries.
46.
Prosecutors say Russian funds were illegally transferred abroad by two Russian banks, DKB and Flamingo, using correspondent bank accounts at The Bank of New York, to avoid Russian taxes and customs duties.
47.
"The failure of U . S . banks to take adequate steps to prevent money laundering through their correspondent bank accounts . . . is long-standing, widespread and ongoing, " the report says.
48.
One loophole in American law shields the accounts of foreign banks at American banks, known as correspondent bank accounts, even when the money in them can be clearly identified as belonging to a criminal.
49.
Senate investigators found that many big U . S . banks have not taken adequate steps to prevent money laundering through their correspondent bank accounts and have unwittingly aided drug trafficking and other crimes.
50.
Also Wednesday, the French Finance Ministry said it had set up a special unit o tackle the financing of terrorist activities, and was focusing particularly on links between French banks and foreign correspondent banks.
