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   607

JP Morgan, an American multinational banking services holding company headquatered in New York City, faced allegations from Swiss Financial Marketd 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.

Bank of China Filed a Patent to Scale Blockchain Systems

Bank of China has filed a patent application for a process able to scale blockchain systems  
23 February 2018   102

According to a document released by China's State Intellectual Property Office (SIPO) on February 23, the application was invented by Zhao Shuxiang and first submitted on September 28 last year.

The application states that instead of letting a new block store transactions from its previous one, a data compressing system could be used to pack transactions from multiple blocks into what the patent calls a "data block."

For example, when the system receives a request to compress transactions from block 1 to 1,000, it causes a new data block to be formed and temporarily hosted on a different storage system. Then, the system will run the packed data through a hash function with a hash value. After that, the compression system will attach labels in order to identify blocks on the blockchain.

With the use of the described method, the patent claims a reduction in the amount of the data stored in new blocks as transactions mount in a blockchain while ensuring that data from all previous transactions will still be tamper-proof and traceable.

At the moment, the patent in the review process.