$88,300,000 | JPMorgan Chase Settles with US Treasury for Violating The Weapons of Mass Destruction Proliferators Sanctions Regulations

If you are a “Bank” it appears you can get away with ANYTHING.

I had to read this release a few times for it to really sink in. Take a look what this “institution” has done and ask yourself, what is it that they can not get away with?

This is one of the most OUTRAGES settlements that has come out of the government.

Terrifying times…

From The US Department of Treasury

Release of Civil Penalties Information – JPMorgan Chase Bank, N.A. Settlement

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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 following apparent violations of the CACR, WMDPSR, and RPPR, which OFAC has determined were egregious:

JPMC processed 1,711 wire transfers totaling approximately $178.5 million between December 12, 2005, and March 31, 2006, involving Cuban persons in apparent violation of the CACR.  In November 2005, another U.S. financial institution alerted JPMC that JPMC might be processing wire transfers involving a Cuban national through one of its correspondent accounts.  After such notification, JPMC conducted an investigation into the wire transfers it had processed through the correspondent account.  The results of this investigation were reported to JPMC management and supervisory personnel, confirming that transfers of funds in which Cuba or a Cuban national had an interest were being made through the correspondent account at JPMC.  Nevertheless, the bank failed to take adequate steps to prevent further transfers.  JPMC did not voluntarily self-disclose these apparent violations of the CACR to OFAC.  As a result of these apparent violations, considerable economic benefit was conferred to sanctioned persons.  The base penalty for this set of apparent violations was $111,215,000.

On December 22, 2009, in apparent violation of the WMDPSR, JPMC made a trade loan valued at approximately $2.9 million 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 Republic of Iran Shipping Lines (“IRISL”).  Although JPMC supervisors and managers determined that this trade loan was likely an apparent violation of the WMDPSR and, in late December 2009, decided to submit a voluntary self-disclosure to OFAC, JPMC did not mail its voluntary self-disclosure until March 2010, three days prior to the date on which JPMC received repayment for the loan without OFAC guidance or authorization.  JPMC also failed to respond promptly and completely to an OFAC administrative subpoena seeking information on this transaction.  OFAC determined that JPMC made a voluntary self-disclosure of this apparent violation.  The base penalty for this apparent violation was $2,941,838.

The apparent violation of the RPPR occurred between November 8, 2010, and March 1, 2011.  On October 13, 2010, OFAC issued JPMC an administrative subpoena pursuant to section 501.602 of the RPPR directing JPMC to provide certain specified documents related to a specific wire transfer referencing “Khartoum.”  In response to this subpoena and a subsequent communication, JPMC compliance management failed to produce several responsive documents in JPMC’s possession, and repeatedly stated that JPMC had no additional responsive documents.  OFAC ultimately provided JPMC with a list of multiple responsive documents that OFAC had reason to believe were in JPMC’s possession based on communications with a third-party financial institution.  This prompted JPMC to correct its prior statements that the bank possessed no additional responsive documents and to produce more than 20 responsive documents.  JPMC did not voluntarily self-disclose the apparent violation of the RPPR to OFAC.  The base penalty for this apparent violation was $250,000.

In reaching its determination that the above-referenced apparent violations were egregious because of reckless acts or omissions by JPMC, OFAC considered all of the information in its possession related to these apparent violations, as well as the General Factors Affecting Administrative Action set forth in OFAC’s Economic Sanctions Enforcement Guidelines.  OFAC determined that JPMC is a very large, commercially sophisticated financial institution, and that JPMC managers and supervisors acted with knowledge of the conduct constituting the apparent violations and recklessly failed to exercise a minimal degree of caution or care with respect to JPMC’s U.S. sanctions obligations.

This settlement also covers the following apparent violations, which OFAC determined were not egregious:

Apparent violations of the ITR, GTSR, SSR, FLRCTSR, WMDPSR, and Executive Order 13382 arising out of its failure to appropriately block or reject nine wire transfers between April 27, 2006 and November 28, 2008, which totaled $609,308.  JPMC voluntarily self-disclosed five of these apparent violations to OFAC.

Apparent violations of the WMDPSR and SSR in which JPMC advised and confirmed a $2,707,432 letter of credit on April 24, 2009, in which the underlying transaction involved a vessel identified by OFAC as blocked due to its affiliation with IRISL, and a $79,308 letter of credit on January 29, 2008, involving goods destined for Sudan.  JPMC voluntarily self-disclosed these apparent violations to OFAC.

An apparent violation of the ITR consisting of a May 24, 2006 transfer of 32,000 ounces of gold bullion valued at approximately $20,560,000 to the benefit of a bank in Iran.  JPMC did not voluntarily self-disclose this matter to OFAC.

OFAC mitigated the total potential penalty based on JPMC’s substantial cooperation, including conducting an historical transaction review at OFAC’s request and entering into tolling agreements with OFAC, and the fact that OFAC had not issued a Penalty Notice or Finding of Violation against JPMC in the five years preceding the transactions at issue.  Mitigation was also extended because JPMC agreed to settle these apparent violations.

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4closureFraud.org

Comments
30 Responses to “$88,300,000 | JPMorgan Chase Settles with US Treasury for Violating The Weapons of Mass Destruction Proliferators Sanctions Regulations”
  1. Rob Harrington says:

    Simple – Boycott JPMC. Switch to a Credit Union or small local bank. Cut up your Chasecard. Get organized.

  2. Chase and Deutsche bank whom tear families apart and steal homes and funds from from investors has a shady past and is the bank from the devil. Look up Chase and Deutsche bank their foreclosure king linked to the Auschwitz death camps. Deutsche was sanctioned a measly five million for their part in the natzi death camps and funding weapons on both side of the war and funding the death camps and gas companies. Those banks should not be allowed on American soil. The crooks within those banks should be in shackels.

  3. Ron Moss says:

    More understanding is assured by Ron Paul s financial education. So if he is elected president Obama will scoot back to Kenya and his companions back to chicago.

    • lvent says:

      God help Chicago!!!….Interesting story..A friend of the family travels to Kenya a few times a year with his church to teach kids how to play baseball…He told us Kenyans try to sell you a tour to Obamas birthplace while you are there.

      • Tim Bryant says:

        Ivent,

        Check out Mitt Romney’s parents. His father, George, was from Chihuahua, MX. Romney, like Obama, will not disclose a birth certificate. I am not a DEM, just thought it was interesting.

      • lvent says:

        LOL, Tim, that is interesting!….so much deception…the media is for sure working hard to cover that one up!!! Lotsa wolves in sheeps clothing!

      • lvent says:

        Tim, they can run but they can’t hide…I pray, because of the truth movement we won’t get fooled again!

  4. abs says:

    That is right marilyn, side road leads to washington which all rapist, terrorist, fraudster from Obama admministration are set up to do all their dirty deeds.

    • lvent says:

      Oh yeah, go along with their program and blame Obama when Osama Bin Wall Street is the 500 pound gorilla in the room…..They are the financial rapists and terrorist……I am not saying Obama and the Wall Street owned politicians are not aiding and abetting……ALL ROADS LEAD TO WALL STREET, THAN ROME…………………..FOLLOW THE MONEY……………………

  5. Charles Fetters says:

    NOW MY MORTGAGE PAYMENTS ARE FUNDING WARS AND DRUGS. Well! Since Chase has been trying to foreclose on us and steal our home like they have everybody. What’s a few more tax dollars from the taxpayers. We continue to let them screw us.
    California Senator Dianne Feinstein should be investigated for stealing $25 billion for her husbands Real estate business. It seems CBE is now developing properties in Zug, Switzerland for the millionaires that are hiding the tax dollars in Zug. I wonder how much Chase and the other banks are hiding the money in Zug?

  6. John Anderson says:

    Daddy used to say
    ” Be grateful that you live in a country, where you can buy your way out of trouble ”
    I know the banks are grateful, and I would be to, if I had the money. Of course lawyers have always helped people get their side of justice, for a fee.
    Shakespeare said about forming a paradise on earth, ” The first thing we must do is kill all the lawyers ”
    Some things never change.

  7. Seth Dreyer says:

    What does Jamie Dimon tell his three daughters at the end of the day? We’ve got the greenest grass? I guess money can buy anyone love…sociopaths included.

  8. Tim Bryant says:

    Somebody needs to ask Janet Napolitano how Homeland Security signed off on such a deal. So much for the Patriot Act.

  9. Beth A. says:

    Un-frigging-believable!!!!!!!!!

    OK, so you can be a terrorist and engage in all sorts of criminal activities – but if you’re big enough and have enough connections…..and get off with a hefty fine (petty cash to Chase, of course).

    But, if you or l…normally law abiding citizens, raising beautiful children and working hard (if we can) – and we’d have the book thrown at us and the key thrown away.

    Sometimes…just when I think I can’t get any more pissed off…some entity or regulator comes along and proves me wrong.

    Chase: There is a special place in Hell for you and the powers that be…burn.

  10. Tim Bryant says:

    Can we officially call the banks “terrorists” now?

    • Tim….Ummm…..Ya, I would say so…but I thought the banks were terrorists before now….my thoughts go back many years ago…..and I ‘ think’ you know what I mean……

      • Tim Bryant says:

        I just said “officially”, because these are all violations of the anti-money laundering provisions of The USA Patriot Act. Obviously, this “Act” was to oppress, not protect.

  11. abs says:

    Did we really know what the terrorist look like? Hint!!!! This current administration need to be remove, oust, replace, outright supporter of the terrorist.

    • abs….All roads may lead to Rome…but the side road leads to Washington…………

      • lvent says:

        Obama and the politicians in Washington are a distraction from the real terrorism on WALL STREET AND AT THE FEDERAL RESERVE……ALL ROADS LEAD TO THE VATICAN HORDERS……..!!!!! WALL STREET AND THE FED ARE THEIR ILLUMINATI BITCHES……PUT THERE TO ROB YOU AND DISTRACT YOU FROM THEIR ULTIMATE GOAL OF GALACTIC WORLD DOMINATION……..

      • lvent says:

        The NWO are stealing your country via Wall Street and the Fed…the politicians are put there to distract us from what is really going on in the financial terrorists sector…….ALL OF THE POLITICIANS SHOULD BE FORCED TO RESIGN BECA– USE THERE IS AN ILLEGAL AND UNCONSTITUTIONAL CONFLICT OF INTEREST…..THEY ARE CORRUPT AND ARE EITHER AGENTS WORKING FOR THE NEW WORLD HORDER OR ARE INVESTED IN OUR DEMISE…….THEY ARE TRAITORS AND TREASONISTS AMERICA!!!!……WAY PAST TIME WE THE PEOPLE BBQ WALL STREET AND ABOLISH THE FED……….TIME FOR CONGRESS TO COIN OUR CURRENCY AS THE CONSTITUTION REQUIRES…….

  12. Jim Bethea says:

    One could have visions that we are living in Dodge City, Kansas in the days of the wild west?

    I am fully aware that Atty Holder is nothing more than a puppet for these European banksters who are seeking world domination via political, monetary and control over our populations, but they are so blatant and ovbious in the past few years since the passage of the Patriot Acts I & II

    Funneling money for these terrorist through their banks and then have the nerve to say that it was one of their other subsidaries that did it?? Does this suppose to make their willful fraud go away??? You can bet your last donut that all at the top knew about all of these interactions, as well as, all of the other fraud that they have not been caought yet for.

    Holder allows all of the crooks and their cartels to operate freely and when caught only sets a small fine to them and back to fraudulent business as usual……When their banking licenses should be revoked and the ones at the top go to JAIL …..

    Wachovia got caught for laundering money from the Mexican Drug Cartels for over $387 Billion ~ paid a small fine and got right back to their country club???? Is no one watching what DC and Obama’s buddies are doing ~~ opening open fraud in every venue of American businesses ~ and NO PROSECUTON

    • Jim..I agree with you….As far as these banks being fined…and actually paying the measly small fines…I believe none of them pay anything..no fines…I just don’t believe what the government or anyone says…NONE…no one in the government is speaking the truth….all is said to make the people think they are working to solve this vicious massive crime…the government and the financial industry is all under the same umbrella….there will be no prosecutons….nothing….not till we impeach and get Washington cleared out….they are all one and the same….in this together. The Treasury Dept..for example is with the Federal Reserve. The IRS is a collection agency that the Federal Reserve owns for the debt and the IMF is the receiver. The British have our Social Security for debt…tax on the 13 Colonies. Washington will not do anything ….they all have worn masks.

  13. LLFLA says:

    Nothing suprises me anymore. They make loans to drug dealers, people in terrorist groups. It is and always will be about the money. The Federal Gov’t would rather get some money (will they ever really get it?) than put someone in prison or say – close the rotten ship down.

    It is too bad that this investigation cost the taxpayers probably hundreds of thousands and no money will ever trickle down to the poor homeowners or investors.

    I say that Chase should be forced into true to appraisal value loans as a sanction.

  14. housemanrob says:

    NOW THAT IS THE DEFINITION OF CRIMINAL ENTERPRISING! THEY SHOULD BE LINED UP BEFORE A FIRING SQUAD! OBAMA, AS ALWAYS WILL JUST SAY THE ECONOMY IS GETTING BETTER AND WILL NOT EVEN ADDRESS SUCH CRIMES……..WAKE UP AMERICA!!

    • Thanks Rob….I agree…a firing squad….over and done. I thought the same thing…..Obama does not address anything……he has just been there to fill the space…’ AIR ‘….that is what he blows.

      • housemanrob says:

        marilyn…..like a windbag in a hurricane. By the way…I tried to help answer part of your question that you raised while I was sleeping. This country is now like………..remember “Invasion of the body snatchers?” (check the other page)

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