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ENFORCEMENT INFORMATION FOR August 16, 2011
JPMorgan Chase Bank N.A. Settles Apparent Violations of Multiple Sanctions Programs: JPMorgan Chase Bank, N.A, New York, NY ("JPMC") has agreed to remit $88,300,000 to settle potential civil liability for apparent violations of: the Cuban Assets Control Regulations ("CACR"), 31 C.F.R. part 515; the Weapons of Mass Destruction Proliferators Sanctions Regulations ("WMDPSR"), 31 C.F.R. part 544; Executive Order 13382, "Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters;" the Global Terrorism Sanctions Regulations ("GTSR"), 31 C.F.R. part 594; the Iranian Transactions Regulations ("ITR"), 31 C.F.R. part 560; the Sudanese Sanctions Regulations ("SSR"), 31 C.F.R. part 538; the Former Liberian Regime of Charles Taylor Sanctions Regulations ("FLRCTSR"), 31 C.F.R. part 593; and the Reporting, Procedures, and Penalties Regulations ("RPPR"), 31 C.F.R. part 501, that occurred between December 15, 2005, and March 1, 2011.
This settlement covers the...
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*For further factual information refer to Settlement Agreement - JPMorgan Chase Bank N.A. (1st violation).
1) Provisions violated pulled from Settlement Agreement.
2) Rare case in which penalties brought in part for rejecting, rather than blocking funds.
3) Processing transactions involving blocked vessels, e.g. when goods are shipped on blocked vessels, constitutes dealing in property in which a blocked person has an interest irrespective of the owner of the vessel (para 7., Settlement Agreement).
4) One penalty was based on JPMC making a "trade loan to the bank issuer of a letter of credit in which the underlying transaction involved a vessel that had been identified as blocked pursuant to the WMDPSR due to its affiliation with the Islamic...