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

Law360, San Diego (January 7, 2014, 11:32 PM EST) -- 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...
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