The New York branch of Societe Generale AG has agreed to take steps to address deficiencies in its compliance with certain anti-laundering rules, the Federal Reserve Board said Tuesday.

Under the agreement, the Fed will review the effectiveness of Societe Generale's corporate governance, control infrastructure and business line accountability with respect to money laundering and Bank Secrecy Act rules.

"The purposes of the management review shall be to enhance" Societe Generale's oversight of the branch "to ensure the adequate staffing by qualified and trained personnel that is required for an effective control environment," the agreement said.

The branch will need to submit a written report to the Fed that includes the findings of the management review.

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