JPMorgan Chase Bank fined for contravening Iran, Cuba sanctions

WASHINGTON — JPMorgan Chase Bank has been fined $88.3 million for contravening US sanctions against regimes in Iran, Cuba and Sudan, and the former Liberian government, the US Treasury Department announced Thursday.

The Treasury said that the bank had engaged in a number of "egregious" financial transfers, loans and other facilities involving those countries but, in announcing a settlement with the bank, said they were "apparent" violations of various sanctions regulations.

JPMorgan agreed to pay the money "to settle potential civil liability for apparent violations" of seven separate sanctions rules between 2005 and 2011.

It said that between 2005 and 2006, the bank processed nearly $180 million in transfers involving Cubans in contravention of the Cuban Assets Control Regulations.

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