OFAC reaches $5.3 million settlement with JPMorgan Chase for sanctions violations and finds further violations
Chris last edited by
JPMorgan Chase Bank NA (JPMC) reached a settlement with OFAC for almost $5.3 million to resolve liability for apparent Cuban, Iranian and weapons of mass destruction sanctions violations. The transactions involved airlines which were on OFAC’s list of Specially Designated Nationals and Blocked Persons (SDNs).
Separate from the above investigation, OFAC issued a Finding of Violation with no monetary penalty to JPMC for violations of the Foreign Narcotics Kingpin Sanctions Regulations and the Syrian Sanctions Regulations. Between 2011 and 2014, JPMC processed transactions and maintained accounts on behalf of customers who were SDNs.
JPMC voluntarily disclosed the violations and both cases are considered non-egregious.