French banks Société Générale SA and Crédit Agricole SA are under U.S. investigation for alleged money laundering and sanction breaches involving Iran, Cuba and Sudan, according to a person with direct knowledge of the matter, the latest case in a series of probes of European banks related to embargo violations.

The banks are being investigated by the U.S. Treasury Department, the Justice Department, the Manhattan district attorney, and the New York Department of Financial Services, the person said.

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