Regulatory Alerts2014-01-07 | 2014-01Added
Assessment of Civil Money Penalty in the Matter of JPMorgan Chase Bank, N.A.
The Financial Crimes Enforcement Network assesses a $461 million civil money penalty against JPMorgan Chase Bank, N.A. for willfully violating the Bank Secrecy Act by failing to file timely Suspicious Activity Reports regarding transactions linked to the Bernard Madoff fraud scheme. The penalty is deemed satisfied by JPMorgan’s agreement to forfeit $1.7 billion to the U.S. Attorney’s Office for the Southern District of New York, which will contribute the funds to a recovery fund for Madoff’s victims. This resolution is in addition to a $350 million civil money penalty assessed by the Office of the Comptroller of the Currency, bringing the total combined collection amount to $2.05 billion.
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