(Reuters) -The U.S. Treasury Department is looking into JPMorgan Chase (NYSE:)’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…
