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August 25, 2011--

JPMorgan Chase Bank, N.A. to Pay $88.3 Million

OFAC has released information that JP Morgan Chase Bank, N.A. has agreed to remit $88,300,000 to settle potential civil liability for apparent violations of the Cuban Assets Control Regulations; the Weapons of Mass Destruction Proliferators Sanctions Regulations; Executive Order 13382, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations; the Iranian Transactions Regulations; the Sudanese Sanctions Regulations; the Former Liberian Regime of Charles Taylor Sanctions Regulations; and the Reporting, Procedures, and Penalties Regulations, that occurred between December 15, 2005, and March 1, 2011. According to the OFAC statement, many of the bank's apparent violations were egregious.








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