JPMorgan escapes fine for systemic AML breaches

AML professionals discuss the JPMorgan order on the www.moneylaunderingbulletin.com Linkedin group http://www. linkedin.com/groups/JPMorgan-BSA-AML-compliance-programs-3863227.S.205090517

JPMorgan Chase avoided an immediate potential multi-million dollar fine on Monday [14 January 2013] for “critical deficiencies” in its Bank Secrecy Act/Anti-Money Laundering compliance by consenting to a cease and desist order from the Office of the Comptroller of the Currency (OCC). [1] The absence of an on-the-spot financial penalty raises questions about protectionist attitudes on the part of US authorities in light of recent settlements with non-US banks: HSBC paid US$1.9bn for AML failings last December [2] and Standard Chartered finally settled over sanctions breaches at a total cost of U$667m the same month. [3]