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JPMorgan to settle for $5.3M over alleged violations of Cuba, Iran sanctions

JPMorgan Chase & Co. is paying $5.3 million to settle allegations that it committed 87 violations of sanctions against Cuba, Iran and weapons of mass destruction, Reuters reported Oct. 5, citing the U.S. Treasury Department.

The bank also allegedly violated sanctions connected with narcotics and Syria when it processed 85 transactions and kept accounts for six sanctioned individuals, the report added. The Treasury considered the case to be non-egregious.

A bank spokesman told the publication that JPMorgan self-identified the issue more than six years ago and has since upgraded its compliance program.