"The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $5,263,171 settlement with JPMorgan Chase Bank, N.A., to settle potential civil liability for 87 apparent violations of the Cuban Assets Control Regulations… the Iranian Transactions and Sanctions Regulations… and the Weapons of Mass Destruction Proliferators Sanctions Regulations," the US Treasury Department's Office of Foreign Assets Control (OFAC) said in a press release on Friday.
READ MORE: Trump Prolongs Trade Embargo Against Cuba for One More Year — White House
The violations included 85 transactions of more than $46 million, as well as eight accounts on behalf of six customers who were on the list of Specially Designated Nationals.
All of the violations in both of these situations were voluntarily self-disclosed by JPMorgan Chase, according to the release.
Earlier in the year, US President Donald Trump imposed mass steel and aluminum tariffs which resulted in the renegotiation of trade deals with the country's traditional partners. Another attempt to reconsider the already existing deal was Washington's withdrawal from the JCPOA, after which Trump repeatedly stated that he was ready to renegotiate a tougher deal with Iran in exchange for sanctions relief. Tehran has, however, ruled out this possibility.
The US has also reconsidered its relations with Cuba, which led to Trump's announcement of a U-turn in the US policy toward Cuba, opting to retain the embargo on the Caribbean nation.
