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17:09, 06-Oct-2018
US Treasury: J.P. Morgan to settle allegations of violating sanctions
Updated
16:11, 09-Oct-2018
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J.P. Morgan Chase Bank has agreed to pay 5.3 million US dollars to settle allegations it violated Cuban Assets Control Regulations, Iranian sanctions and Weapons of Mass Destruction sanctions 87 times, the US Treasury said on Friday.
The Treasury also said it had found the bank violated sanctions on narcotics and Syria, when it processed 85 transactions, totaling 46,127 US dollars, and maintained accounts for six sanctioned individuals.
"We're pleased to resolve this issue, which we self-identified and voluntarily disclosed more than six years ago. We have since upgraded our systems and made substantial enhancements to our sanctions compliance program," said Brian Marchiony, a bank spokesman.
The Treasury said the bank voluntarily disclosed the violations, and they constituted a "non-egregious case."
Source(s): Reuters