August 25, 2011
Publication:
New York Times
JPMorgan Chase agreed to pay $88.3 million as part of a settlement with the Treasury Department over a series of transactions involving Cuba, Iran and Sudan. JPMorgan violated U.S. embargo laws by processing wire transfers totaling around $178.5 million for Cuban nationals in late 2005 and early 2006. JPMorgan violated U.S. sanctions against Iran and made a $2.9 million loan to a bank that had ties to Iran’s government-owned shipping line in 2009. JPMorgan also failed to give up documents about a wire transfer that referred to Khartoum, Sudan in 2010 and 2011.