JP MORGAN BANK SETTLES US SANCTIONS CASE FOR $5¼ MILLION

On 5th October, OFAC announced a $5,263,171 settlement with JPMorgan Chase Bank to settle potential civil liability for 87 apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and Weapons of Mass Destruction Proliferators Sanctions Regulations.  OFAC says that the bank voluntarily self-disclosed the apparent violations which involved “net settlement payments”, of which a very small portion appears to have been attributable to interests of airlines that were at various times on the OFAC SDN List, blocked pursuant to OFAC sanctions, or located in countries subject to the sanctions programmes administered by OFAC.

Separately, OFAC announced that the bank had self-disclosed some 85 other transactions violating OFAC Foreign Narcotics Kingpin and Syrian sanctions, and having maintained 8 accounts for individuals on the SDN List.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20181005.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s