account
search
search

JPMorgan Chase dodges mega-fine

  |   Aug. 26, 2011 at 3:34 PM
WASHINGTON, Aug. 26 (UPI) -- The Treasury Department said Friday JPMorgan Chase Bank dodged a huge fine by cooperating with authorities in a case involving illegal wire transfers to Cuba.

The bank failed to stop processing illegal wire transfers to Cuba even when it knew it was doing so between December 2005 and March 2006, the Nuevo Herald reported Friday.

The base fine for that was $111.2 billion. The bank settled the case for $88 million.

The bank "did not voluntarily self-disclose these apparent violations of the Cuban Asset Control Regulations," and "failed to take steps to prevent further transfers," even after the firm investigated the matter, the Treasury Department said.

However, the Treasury Department said the fine was reduced because the bank cooperated with authorities in the matter and had not had a similar violation in the past five years.

Related UPI Stories
© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
x
Feedback