In 2014, JPMorgan did $US9.00 worth of business in Iran.
In its latest Form 10-K with the SEC, JPMorgan made the following disclosure:
In addition, during 2014, JPMorgan Chase Bank, N.A. processed one payment from Iran Air on behalf of a U.S. client into such client’s account at JPMorgan Chase Bank, N.A. Iran Air is designated pursuant to Executive Order 13382. This transaction was authorised by and conducted pursuant to a licence from the Treasury Department’s Office of Foreign Assets Control (“OFAC”). JPMorgan Chase Bank, N.A. charged a fee of US$ 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 authorised by and conducted pursuant to an OFAC licence. 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.
So there’s your $US9.00.
The bank also disclosed a travel agent that it invested in through its merchant banking arm did about $US5,000 worth of business arranging trips to Iran. The bank said in its filing that it believes, “this activity is permissible pursuant to certain exemptions from U.S. sanctions for travel-related transactions under the International Emergency Economic Powers Act, as amended.”
JPMorgan’s Iran disclosure can be found on Page 21 of the company’s Form 10-K, which you can find here »