JPMorgan Chase to pay $88M fine for Iran, Cuba dealings

JPMorgan Chase & Co. has agreed to pay an $88.3 million fine to settle charges the bank violated regulations that prohibit lending money for the illicit nuclear trade and that cover dealings with Cuba and Sudan, the Associated Press reported.

The U.S. Treasury Department?s Office of Foreign Assets Control said some of JPMorgan Chase's (NYSE:JPM) "apparent violations" of the regulations were serious, the AP reported. The government cited a 2009 incident when the bank made a $2.9 million loan to another bank, which extended credit to a ship that had been identified as linked to the Iranian government...

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