JP Morgan to pay $5.3m over allegations of violating sanctions

JP Morgan Chase Bank has agreed to pay $5.3 million to settle allegations it violated Cuban assets control regulations, Iranian sanctions and weapons of mass destruction sanctions 87 times, the US treasury said on Friday.

Treasury also said it had found the bank violated sanctions on narcotics and Syria, when it processed 85 transactions, totalling $46,127, and maintained accounts for six sanctioned individuals.

"We're pleased to resolve this issue, which we self-identified and voluntarily disclosed more than six years ago. We have since upgraded our systems and made substantial enhancements to our sanctions compliance program," said Brian Marchiony, a bank spokesman.

Specifically on the Cuba and Iran violations, the treasury said the bank engaged in a "very small portion" of net settlement payments that appeared to have been attributable to airline interests that were blocked by US sanctions or located in countries subjected to sanctions.