JP Morgan fined $5 million over sanctions violation
09 Oct 2018

The US Treasury’s Office of Foreign Assets Control (OFAC) has reached a $5,263,171 settlement with JPMorgan Chase Bank (JPMC) over violations pertaining to sanctions, covering Iran, the Cuban assets control rules and weapons of mass destruction proliferators.

The transactions were net settlement payments, of which a ‘very small portion’ appears to have been attributable to interests of airlines that were at various times on OFAC’s list of designated persons, the agency explained.

“These apparent violations do not include transactions that were exempt from the prohibitions of the International Emergency Economic Powers Act (IEEPA); for example, the apparent violations include transactions such as airline freight charges, which are not exempt.

“OFAC has determined that JPMC voluntarily self-disclosed the apparent violations, and that the apparent violations constitute a non-egregious case.”

Separately, OFAC said it had also issued a notice to JPMC regarding violations of the Foreign Narcotics Kingpin Sanctions Regulations and the Syrian sanctions.

“Specifically, OFAC determined that from approximately 2007 to October 2013, JPMC processed 85 transactions totaling $46,127.04 and maintained eight accounts on behalf of six customers who were contemporaneously identified on the SDN List,” the agency explained.

Count this content towards your CPD minutes, by signing up to our CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.