Saturday 24 June 2017

JPMorgan to pay $1.7bn to settle Madoff case

New York, January 7, 2014

JPMorgan Chase & Co will pay $1.7 billion to settle US charges it violated laws requiring banks to monitor customer activity for money laundering in its handling of accounts of convicted Ponzi-schemer Bernard Madoff, authorities said on Tuesday.

The deal includes a two-year deferred prosecution agreement and settles outstanding probes by two bank regulators into failures in JPMorgan's anti-money laundering policies. The bank agreed to improve its controls. - Reuters

Tags: money laundering | JP Morgan | Madoff |

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