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JPMorgan Forced to Pay After Violating Numerous U.S. Sanctions
JP Morgan Chase has agreed to pay $88.3mn to settle potential civil liability stemming from violations of numerous U.S. sanctions.
The Treasury department announced the settlement yesterday. According to officials, this is the largest settlement ever paid by a U.S. financial institution for sanctions violations.
The sanctions apparently broken by JPMorgan included weapons of mass destruction proliferation rules as well as sanctions against Cuba, Iran, Sudan and the former Liberian regime of Charles Taylor.
The Treasury has classified several of the violations as "egregious," including a $2.9mn loan involving a vessel affiliated with the Islamic Republic of Iran Shipping Lines, over 1,700 wire transfers involving Cuban persons and failure to respond to a subpoena about a wire transfer referencing the capital of Sudan.
The Treasury said that a large number of the transfers occurred after JPMorgan was notified of the potential sanctions violation. The agency added that the misconduct included the same officials in the bank's counsel and compliance offices, while there's no evidence CEO Jamie Dimon was aware of the activity. [CNBC, 8/25/11]
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