— JP Morgan CEO The sanctions are supposedly associated with breaches of due diligence in connection with cash laundering requirements. That literally means the Wall Street banking giant helped in money laundering.The judgment was apparently issued on June 30, however the regulator did not make it called JPMorgan has actually been actively attempting to avoid the publication. The Federal Administrative Court has actually given that dismissed an appeal by the bank.It is two months considering that JPMorgan CEO Jamie Dimon knocked bitcoin,
the world’s leading cryptocurrency, labeling it a scams. According to Dimon, bitcoin could be helpful “if you were a drug dealer or a murderer.”Dimon likewise compared bitcoin to the 17th-century
Dutch tulip mania bubble. At the time, the CEO predicted the ultimate demise of the digital currency and vowed to fire any trader trading bitcoin for being foolish. “A fiat currency is when a government says this is your legal tender,
you have to offer it and accept it, and of course the reserve bank can misuse it and inflate it. Exactly what is the usage case for bitcoin? You remain in Venezuela, North Korea, you’re a criminal. Terrific product!”he said throughout a news conference in Washington.– RT(@RT_com) September 15, 2017 Responding to the accusations of loan laundering,
JPMorgan said the bank is trying its finest to support the security and soundness of the international financial system.” We have made and continue to make significant enhancements to the firm’s anti-money laundering program to ensure we are fulfilling regulative expectations,”the bank stated in an emailed declaration sent to Bloomberg.JPMorgan declined to supply any more details as FINMA’s judgment in June isn’t public.
The Swiss subsidiary of US bank JPMorgan Chase has actually been sanctioned by Switzerland’s monetary regulator FINMA for loan laundering and “seriously breaching supervision laws,”according to the local weekly Handelszeitung.