JPMorgan To Pay $88M Over Alleged Sanctions Violations

Law360, New York (August 25, 2011, 6:01 PM EDT) -- JPMorgan Chase Bank NA agreed Thursday to pay $88.3 million to settle allegations by the U.S. Department of the Treasury's Office of Foreign Assets Control that it conducted transactions that violated sanctions on Cuba, Iran and Sudan.

In a statement, OFAC called the violations "egregious," but said that the penalties were mitigated because the bank had agreed to cooperate with the investigation.

"OFAC determined that [JPMorgan] is a very large, commercially sophisticated financial institution, and that [JPMorgan] managers and supervisors acted with knowledge of the conduct...
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