Friday, August 26, 2011

Aw, No Big Deal

PMorgan Chase Bank has been fined $88.3 million for contravening US sanctions against regimes in Iran, Cuba and Sudan, and the former Liberian government, the US Treasury Department announced Thursday.

The Treasury said that the bank had engaged in a number of "egregious" financial transfers, loans and other facilities involving those countries but, in announcing a settlement with the bank, said they were "apparent" violations of various sanctions regulations.

JPMorgan agreed to pay the money "to settle potential civil liability for apparent violations" of seven separate sanctions rules between 2005 and 2011.

  Raw Story

You think $88 million is anywhere near the money they made on all those deals, let alone punitive enough to prevent them doing it again?

In 2009, the bank contravened the Weapons of Mass Destruction Proliferators Sanctions when it helped to finance a trade deal involving Iran-linked vessels, the Treasury said.

In another case, the Treasury said, the bank failed to turn over requested documents involving a wire transfer related to Sudan.

Hmmm. Weapons and something secret with war-torn Sudan. Let's see....oh, it's no big deal.

....and hey, do what you will anyway.

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