Sputnik - JPMorgan Chase Bank has agreed to pay penalties of more than $5.26 million to settle over 87 violations of US sanctions, including measures imposed against Cuba and Iran, the US Treasury said Friday.



"The US Department of�the Treasury�s Office of�Foreign Assets Control (OFAC) today announced a $5,263,171 settlement with�JPMorgan Chase Bank, N.A., to�settle 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," the US Treasury Department's Office of�Foreign Assets Control (OFAC) said in�a press release on�Friday.


OFAC also issued a "Finding of�Violation" against�the bank in�regard to�violations of�the Foreign Narcotics Kingpin Sanctions Regulations and the Syrian Sanctions Regulations, the release added.

The violations included 85 transactions of�more than $46 million, as�well as�eight accounts on�behalf of�six customers who were on�the list of�Specially Designated Nationals.

All of�the violations in�both of�these situations were voluntarily self-disclosed by�JPMorgan Chase, according to�the release.

Earlier in�the year, US President Donald Trump imposed mass steel and aluminum tariffs which resulted in�the renegotiation of�trade deals with�the country's traditional partners. Another attempt to�reconsider the already existing deal was Washington's withdrawal from�the JCPOA, after�which Trump repeatedly stated that he was ready to�renegotiate a tougher deal with�Iran in�exchange for�sanctions relief. Tehran has, however, ruled out�this possibility.

The US has also reconsidered its relations with�Cuba, which led to�Trump's announcement of�a U-turn in�the US policy toward�Cuba, opting to�retain the embargo on�the Caribbean nation.