Smell the Irony: Jamie Dimon’s JPMorgan Fined $2 Billion for Money Laundering
JPMorgan & Chase, the investment bank whose CEO Jamie Dimon infamously labeled Bitcoin a conduit for money laundering and a “fraud”, has ironically been fined for violating money laundering regulations. That’s the same crime it paid a $2 billion USD fine for in 2013, when it allowed notorious fraudster Bernie Madoff to make a number of suspicious transactions without oversight.
The irony comes thick and fast on this one, folks.
In this instance, JPMorgan’s Geneva-based subsidiary was sanctioned by the Swiss FINMA for “seriously violating supervision laws”. Effectively, the bank was neglecting its due diligence standards in relation to money laundering.
He doesn't want Bitcoin encroaching on his business.
— Kevin ''Not Giving Away BTC'' Pham (@_Kevin_Pham) November 17, 2017
Fraud and Money Laundering, Big Bank Style
The June 30th ruling should have been published after seven days, however JPMorgan unsuccessfully attempted to suppress the ruling on appeal. The judgment was upheld by the Swiss Federal Administrative Court, according to Swiss publication Handelszeitung.
In response, JPMorgan & Chase promised to continue making “significant enhancements” to their AML procedures. It’s a strange admittance, considering that is supposed to be one of its core responsibilities. Also, as Jamie Dimon likes to gloat, the firm moves “$6 trillion in money around the world every day.”
In 2013 the bank was fined $2 billion for the same breach, when it allowed notorious fraudster Bernie Madoff to “[launder] $76 billion from his account at the bank to another wealthy client of Chase, Norman Levy, and then back to [his account] in different sized checks between 1998 and 2005.”
Dimon’s Mouth Full of Humble Pie
Since threatening to fire any JPMorgan & Chase employee found to be trading bitcoin, Jamie Dimon has been eating a continuous helping of humble pie.
A much maligned figure in the cryptocurrency community, Dimon’s widely reported “fraud” comments were made as bitcoin dipped into a counter wave on its current bull run.
Shortly afterwards, BTC recovered and has proceeded to make fresh highs. Meanwhile, it emerged that JPMorgan & Chase was facilitating clients to take positions in a financial instrument that tracks the price of bitcoin.
Moreover, Dimon made those inflammatory comments on the day his firm had reported a significant decline in year-over-year trading revenues.
Would you trust JPMorgan with your assets? Let’s hear your thoughts.
Images via Wikipedia, Pixabay