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JPMorgan Chase Pays $88 Million for Sanctions Issues
By Colby Adams
printThe U.S. Treasury Department's sanctions arm disclosed Thursday that it had fined JPMorgan Chase Bank N.A. over $88 million, the largest fine independently levied by the agency under 2007 penalty powers. The Office of Foreign Assets Control (OFAC) said in a statement that the New York-based bank had broken U.S. regulations against Cuba, Iran and the former Liberian government of Charles Taylor between December 2005 and March 2011, at times without disclosing the infractions to the agency. Three of the violations were deemed "egregious" under OFAC's penalty policy, the agency said. The total fine resolves a number of sanctions infractions,...
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