Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

US probes JPMorgan’s links with Iranian oil trader’s hedge fund, Bloomberg News reports

admin by admin
November 22, 2024
in Stock
0
US probes JPMorgan’s links with Iranian oil trader’s hedge fund, Bloomberg News reports
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

(Reuters) -The U.S. Treasury Department is looking into JPMorgan Chase (NYSE:JPM)’s relationship with a hedge fund that is said to be a part of Iranian oil trader Hossein Shamkhani’s network, Bloomberg News reported on Friday.

Hossein Shamkhani is the son of Ali Shamkhani, a long-time ally of Iran’s supreme leader Ayatollah Ali Khamenei and previously the country’s top security official.

The U.S. agency is scrutinizing whether JPMorgan complied with all rules and regulations when it took on UAE-based hedge fund Ocean Leonid Investments as a client, the report said, citing people familiar with the matter.

JPMorgan, the Treasury Department, and Ocean Leonid did not immediately respond to Reuters requests for comment. Hossein Shamkhani could not be immediately reached for comment.

The probe, which is at an early stage, is mainly interested in Shamkhani’s activities, while also considering the possibility of bank compliance gaps, the report said, adding that JPMorgan was among the banks that offered leverage to the hedge fund.

JPMorgan has no obligation to exit the client relationship because neither Shamkhani nor the company appear on sanctions lists, the report said, citing people familiar with the matter.

Last month, Bloomberg News reported that the Dubai International Financial Center (DIFC) had suspended firms said to be part of Hossein Shamkhani’s network amid mounting pressure from international regulators.

U.S. federal law requires financial institutions to monitor for suspicious activity in an effort to prevent illicit funds from flowing through the country.

The Federal Reserve is also looking into Western financial exposure to Shamkhani’s network, Bloomberg said.

The Fed declined to comment on the report.

In 2020, the Treasury Department took action against several senior Iranian regime officials including Ali Shamkhani, noting his key role in implementing the supreme leader’s domestic and foreign policies.

This post appeared first on investing.com

Previous Post

Swiss National Bank Chairman emphasizes flexibility in inflation approach

Next Post

McDonald’s overhauls McValue menu for 2025

admin

admin

Next Post
McDonald’s overhauls McValue menu for 2025

McDonald’s overhauls McValue menu for 2025

Trending News

Analysis-Markets gear up for two wild weeks of elections and rate moves

Analysis-Markets gear up for two wild weeks of elections and rate moves

October 25, 2024
US stocks open in the green after EU trade deal: Nasdaq jumps 0.3%

US stocks open in the green after EU trade deal: Nasdaq jumps 0.3%

July 28, 2025
China’s exports to the US drop 34.5% in May

China’s exports to the US drop 34.5% in May

June 9, 2025
Subscribe to Insightful Word


    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025
    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    August 7, 2025
    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    August 7, 2025

    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025

    Latest News

    • Dow futures soar 250 points today: 5 things to know before Wall Street opens
    • Affirm stock price is rising: is it a buy before earnings?
    • Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.