JP Morgan said it has agreed with the US Treasury Department to pay $88.3 million (£54.2m) to avoid liability for apparent violations of sanctions against Cuba, Sudan, Liberia and Iran, BBC News reported.
The treasury said such violations, which took place between March 2005 and March 2011, were efregious. These included processing 1,711 transfers worth $178.5 m to Cubans in contravention of US regulations.
The company said it has no intentions of violating any US sanctions. Jennifer Zuccarelli, a spokeswoman for the bank said, “The firms screens hundreds of millions of transaction and customer records per day, and annual error dates are a tiny fraction of 1%.”
"We are pleased to have resolved these matters and to move forward with enhancements to our [foreign assets] compliance programme,” Zuccarelli added.
JP Morgan has reported net profits of $4.4 bn for three months to June 30, up from $4.8 bn a year earlier. It is a leader in financial services, offering solutions to clients in more than 100 countries and is also a part of JP Morgan Chase & Co, a global financial services firm with assets of $2.2 trillion.
The company has been helping clients to do business and manage their wealth for more than 200 years and its business has been built on core principles of putting its clients’ interests first.
