Today, OFAC has announced a $5,263,171 settlement with JPMorgan Chase Bank, N.A., to settle its potential civil liability for 87 apparent violations of the Cuban Assets Control Regulations, the Iranian Transactions and Sanctions Regulations, and the Weapons of Mass Destruction Proliferators Sanctions Regulations. In particular, the bank processed 87 net settlement payments with a total value of $1,022,408,149, of which approximately $1,500,000 (0.14%) appears to have been attributable to interests of sanctioned-airlines appearing under the SDN List.
Separately, OFAC has issued a Finding of Violation to JPMorgan Chase & Co for violating the Foreign Narcotics Kingpin Sanctions Regulations and the Syrian Sanctions Regulations. Specifically, OFAC has determined that from approximately 2007 to October 2013, the bank processed 85 transactions totalling $46,127.04 and maintained eight accounts on behalf of six customers who were contemporaneously identified on the SDN List. There is no monetary penalty associated with a Finding of Violation. See OFAC Enforcement Information.
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...See profile for Michael O'Kane >