JP Morgan exposed for money laundering

The largest bank in the Unites States JP Morgan faces difficulties after being found guilty of money laundering 
20 November 2017   1326

JP Morgan, an American multinational banking services holding company headquatered in New York City, faced allegations from Swiss Financial Market Authority for breaking rules of money laundering and the difficulties started to arrrive only two months after a $4 billion mortgage fraud fine in September 2017.

The report concerning JP Morgan money laundering was issued by Swiss Financial Market Supervisory Authority on June 30 and was scheduled to be made public the week after it was prepared. However, JPMorgan did everything possible to prevent it from being published. 

The Swiss Financial Market Authority revealed that JPMorgan seriously violated supervision laws, although no detailes have been published. FINMA is still unable to impose fines, but it is authorized to seize unlawfully acquired funds.

Moreover, in October 2017, Jamie Dimon, CEO of JPMorgan, faced a lot of controversy after saying that Bitcoin is a fraud, which irritated Steve Wozniak, Chamath Palihapitiya, Mike Novogratz. Jamie Dimon went further stating that it is necessary to fire anyone "stupid enough to trade bitcoin."

JP Morgan company stated that they will continue to make significant enhancements to theanti-money laundering program of the firm to ensure that they meet regulatory expectations.

There is nothing more important to us than the safety and soundness of the global monetary system.
 

JP Morgan spokesperson

Professional limitations on bankers might be imposed, and considering that FINMA was not authorized to levy fines and that both FINMA and JPMorgan refused to comment on the situation it is unclear what action the regulator had taken against JPMorgan.

Previuosly, it was reported that JP Morgan Chase announced the launch of Interbank Information Network based on Quorum blockchain in order to reduce delays in payments between banks.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   88

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.