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            december 12, 2018

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Indiaexportnews.com

JPMorgan Chase fined US$13.9 million for Cuba, Iran and WMD deals

  11.10.2018    

JPMorgan Chase Bank has been fined US$13.9 million for violating the US Treasury Department's Office of Foreign Assets Control (OFAC) regulations for processing 87 airline transactions having to do with Iran, Cuba and weapons of mass destructions.
The illicit financial transactions, which occurred between January 3, 2008, and February 8, 2012, were made on behalf of an airline industry billing clearinghouse, reported American Shipper.
JP Morgan Chase voluntarily self-disclosed the violations to OFAC, which involved the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations and the Weapons of Mass Destruction Proliferators Sanctions Regulations.
"The bank engaged in a pattern of conduct throughout the relevant period during which it missed red flags and other warning signs on several occasions, including two separate occasions in 2011 when the bank received express notification from its client regarding OFAC sanctioned entities participating in the settlement mechanism," the agency said.



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