Reported about 18 hours ago
The US Treasury Department is investigating JPMorgan Chase & Co.'s association with Ocean Leonid Investments Ltd., a hedge fund tied to Iranian oil trader Hossein Shamkhani. The inquiry is in its early stages, focusing on whether the bank met regulatory requirements when establishing this client relationship. Ocean Leonid has faced scrutiny due to its links to Shamkhani, whose father is under US sanctions for his involvement in Iran's defense policies. Although there are no current sanctions against Shamkhani or his company, the investigation may reveal compliance gaps within the bank.
Source: YAHOO