JPMorgan Said to Have Unwittingly Helped BNP’s Transfers

JPMorgan Chase & Co. unwittingly helped BNP Paribas SA violate U.S. sanctions as the French bank hid billions of dollars in transactions involving Sudan and Cuba, according to court documents and people with knowledge of the matter.

BNP Paribas turned to JPMorgan on the basis of legal advice from Cleary Gottlieb Steen & Hamilton LLP, said two people who asked not be named because the identities of the bank and the law firm haven’t been disclosed. The Paris-based lender relied on a legal memo that suggested using a U.S. bank might protect it from sanctions penalties, according to the statement of facts filed by prosecutors in New York.