JPMorgan Chase

"Americans taken hostage in the 1979 siege of the U.S. embassy in Iran sued JPMorgan Chase & Co. over David Rockefeller’s role in persuading the U.S. to allow the deposed Iranian leader into the country." (Bloomberg, "Iran Embassy Hostages Sue JPMorgan Over Rockefeller Role," 3/19/2020). 

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"Despite the changes to the US, EU and UN sanctions on Iran under the Joint Comprehensive Plan of Action (“JCPOA”) in January 2016, JPMC is still not permitted either by law or JPMC policy to engage in any activities with or involving Iran, the Iranian government or any Iranian financial institutions. JPMC may consider, on a case-by-case basis, certain activities and transactions that are exempt or licensed by OFAC." (Compliance with Iran Sanctions)

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During the first quarter of 2017, a foreign-incorporated subsidiary of JPMorgan Chase & Co. processed a payment in the amount of EUR 1,466 for its client, a non-U.S. international organization, where the payment originated from entities owned or controlled by the Government of Iran. The payment, which was received into the client’s account, was for the purchase of informational materials and was therefore an exempt transaction pursuant to 31 C.F.R. 560.210(c). JPMorgan Chase & Co. charged a fee of EUR 2.50 for this transaction. JPMorgan Chase & Co. may in the future engage in similar transactions for its clients to the extent permitted by U.S. law.

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According to its Annual Report filed for fiscal year 2015: "During 2015, JPMorgan Chase Bank, N.A. processed one payment from Iran Airtours on behalf of a U.S. client into such client’s account at JPMorgan Chase Bank, N.A. Iran Airtours is a subsidiary of Iran Air, which, at the time of the payment, was designated pursuant to Executive Order 13382. This transaction was authorized by and conducted pursuant to a license from the Treasury Department’s OFAC. JPMorgan Chase Bank, N.A. charged a fee of U.S. dollar $4.25 for this transaction. JPMorgan Chase Bank, N.A. may in the future engage in similar transactions for its clients to the extent permitted by U.S. law."

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According to its Annual Report filed for fiscal year 2014: "In addition, during 2014, JPMorgan Chase Bank, N.A. processed one payment from Iran Air on behalf of a U.S. client into such client’s account at JPMorgan Chase Bank, N.A. Iran Air is designated pursuant to Executive Order 13382. This transaction was authorized by and conducted pursuant to a license from the Treasury Department’s Office of Foreign Assets Control (“OFAC”). JPMorgan Chase Bank, N.A. charged a fee of US$ 3.50 for this transaction. Iran Air overpaid such U.S. client when it made the initial payment to the client. Therefore, upon its U.S. client’s request, the Firm transferred the overpayment back to Iran Air in the fourth quarter of 2014 and charged a fee of US$ 5.50 for the transfer. As with the initial transaction, the transfer of the overpayment to Iran Air was authorized by and conducted pursuant to an OFAC license. JPMorgan Chase Bank, N.A. has no current intention to continue such activities but may in the future engage in similar transactions for its clients to the extent permitted by U.S. law."

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"U.S. regulators are expected to order JPMorgan Chase & Co to correct lapses in how it polices suspect money  flows, two people familiar with the situation said, in the latest move by officials to force banks to tighten their anti money-laundering systems. The action against JPMorgan, which is expected as soon as Friday, would be in the form of a cease-and-desist order, which regulators use to force banks to improve compliance weaknesses, the sources said. JPMorgan will probably not have to pay a monetary penalty, one of the sources said... A JPMorgan spokeswoman declined to comment... The inquiry on JPMorgan, the biggest U.S. bank, dates back several months, the sources said. The first public signs that JPMorgan had issues with its transaction monitoring systems emerged in August 2011. At that time JPMorgan agreed to pay $88.3 million to settle Treasury Department allegations that it engaged in prohibited transactions linked to Cuba and Iran. A source familiar with the expected order said JPMorgan did not adequately fix dozens of anti-money laundering issues cited previously by regulators, forcing them to take formal action. Under the order, JPMorgan is expected to be required to bolster systems it uses to monitor risk and transactions, the sources said." (Reuters, "Exclusive: JPMorgan faces action on laundering controls," 1/11/13)

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"This license was so heavily redacted by OFAC at the request of JPMorgan Chase that it is impossible to say exactly what was authorized other than the fact that it involved a letter of credit that somehow ran afoul of the sanctions against Iran." (New York Times, "Licenses Granted to U.S. Companies Run the Gamut," 12/24/10)