A bank based in France has agreed to pay more than $1.3 billion in penalties to state and federal prosecutors and regulators and faces criminal charges after an investigation found the company was involved in billions of dollars of transactions with parties in countries currently under sanctions or embargoed by the United States.

Société Générale SA and its New York branch agreed to pay the fines and will now be met with charges in federal court for violating state and federal laws and regulations that govern economic sanctions and money laundering, according to U.S. Attorney Geoffrey Berman of the Southern District of New York and the state Department of Financial Services.