JPMorgan’s $2.6B Deal In Madoff Cases A Warning For Banks

Law360, San Diego (January 07, 2014, 11:32 PM ET) -- JPMorgan Chase & Co.’s admission that it failed to alert authorities to Bernard Madoff’s Ponzi scheme and its agreement to pay more than $2.6 billion in settlements with U.S. officials and other parties on Tuesday reflect more aggressive action being taken by the government to enforce the Bank Secrecy Act and should serve as a warning for banks to step up their reviews of suspicious customer activity, according to experts.

JPMorgan admitted to two violations of the BSA, including "failure to maintain an effective anti-money laundering...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers