NEW YORK ( TheStreet) -- JPMorgan Chase ( JPM) will pay $88.3 million settlement to the U.S. Treasury Department for apparent violations of U.S. sanction rules covering Cuba, Iran and other nations. The settlement covers violations that the Office of Foreign Asset Control termed "egregious," including over 1,700 wire transfers totaling $178.5 million during the first quarter of 2006 involving a Cuban national, in a violation of Cuban sanctions. The bank was notified by another financial institution that it might be processing wire transfers involving Cuban individuals. But the bank failed to voluntarily self-disclose these transactions, the Treasury said. Another apparent violation included a $2.9 million trade loan that the bank made in December 2009 to facilitate a transaction for a entity linked to the Islamic Republic of Iran Shipping Lines. While JPMorgan made a voluntary disclosure of the transaction, it failed to respond promptly and completely to an OFAC administrative subpoena seeking information on this transaction, the Treasury determined. The penalty for the violations was mitigated by JPMorgan's substantial cooperation, the department said. A JPMorgan spokesperson could not be reached immediately for comment. According to press reports, the bank has said the cases were rare and isolated. --Written by Shanthi Bharatwaj in New York >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.