JPMorgan violates US sanctions
JPMorgan Chase has agreed to pay $88.3 million to settle potential civil liability for apparent violations of a wide range of U.S. sanctions, the U.S. Treasury department announced Thursday.
This will be the largest settlement ever paid for sanctions violations by a U.S. financial institution, according to Treasury officials.
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Among the sanctions apparently broken by JPMorgan [JPM 35.72 -0.11 (-0.31%) ] are weapons of mass destruction proliferation rules as well as sanctions against Cuba, Iran, Sudan and the former Liberian regime of Charles Taylor.
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In a second incident in December of 2009, Treasury said JPMorgan made a loan valued at approximately $2.9 million “to the bank issuer of a letter of credit in which the underlying transaction involved a vessel” affiliated with the Islamic Republic of Iran Shipping Lines. Treasury says that shipper has conducted a large number of weapons of mass destruction transfers in the past, and is blocked under the Weapons of Mass Destruction Proliferators Sanctions.
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Treasury also revealed several other apparent sanctions violations by JPMorgan, which it deemed as less serious than the “egregious” activities.
Those include, Treasury says:
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An apparent violation of the ITR consisting of a May 24, 2006 transfer of 32,000 ounces of gold bullion valued at approximately $20,560,000 to the benefit of a bank in Iran. JPMorgan did not voluntarily self-disclose this matter to OFAC.
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More: https://www.cnbc.com/id/44276107
JPM can burn in the heat of a thousand suns as far as I'm concerned.
