Aug 25 (Reuters) - JPMorgan Chase (JPM.N) will pay $88.3 million to settle allegations of apparent sanctions violations, the Treasury Department said on Thursday.
The settlement involves 1,711 wire transfers of funds from a Cuban national processed by JPMorgan dating back to 2005. The department's Office of Foreign Assets Control (OFAC) oversees bans on U.S. entities from dealing with Cuba that date to the Kennedy administration.
The Treasury also said that JPMorgan conducted investigations into the violations, yet did not "take adequate steps to prevent further transactions."
The bank was also cited for making trade loans that did not meet OFAC regulations.
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