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.