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WASHINGTON — JPMorgan Chase has 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, the agency said Thursday.
The Treasury Department’s Office of Foreign Assets Control said in a news release that JPMorgan processed wire transfers totaling around $178.5 million for Cuban nationals in late 2005 and early 2006, violating U.S. embargo laws.
The bank’s officers discovered the transfers in 2005, after they were tipped off by another financial institution, but failed to report them and did not take adequate steps to prevent more transfers, according to the statement.
