OCC Assesses a $350 Million Civil Money Penalty Against JPMorgan Chase for Bank Secrecy Act Violations

Categorized | STOP FORECLOSURE FRAUD

OCC Assesses a $350 Million Civil Money Penalty Against JPMorgan Chase for Bank Secrecy Act Violations

OCC Assesses a $350 Million Civil Money Penalty Against JPMorgan Chase for Bank Secrecy Act Violations

Contact: Bryan Hubbard
(202) 649-6870
January 7, 2014

OCC Assesses a $350 Million Civil Money Penalty Against JPMorgan Chase for Bank Secrecy Act Violations

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced a $350 million civil money penalty against JPMorgan Chase, N.A.; JPMorgan Bank and Trust Company, N.A.; and Chase Bank USA, N.A., for Bank Secrecy Act (BSA) violations.

The penalty follows a January 2013 cease and desist order in which the OCC directed the three affiliated banks to correct deficiencies in their compliance programs.

The OCC found critical and widespread deficiencies in the banks’ BSA and anti-money laundering (AML) compliance programs with respect to suspicious activity reporting, monitoring of transactions for suspicious activity, the conduct of customer due diligence and risk assessments, and internal controls and independent testing.  

The penalty is based in part on JPMorgan Chase’s failure to report suspicions about Bernard L. Madoff Investment Securities, LLC, to U.S. law enforcement and regulators, despite having alerted United Kingdom authorities in the months prior to Mr. Madoff’s arrest.  The banks also failed to detect and report other cases of suspicious activity.  Since issuing the January 2013 cease and desist order, the OCC continues to monitor progress that JPMorgan Chase has made to correct weaknesses identified by the agency as well as their ongoing work and commitment to remedy the remaining deficiencies. We will continue our oversight efforts and take further action as warranted.

Concurrent with the OCC’s enforcement action, JPMorgan Chase entered into a deferred prosecution agreement with the U.S. Attorney’s Office for the Southern District of New York and agreed to forfeit $1.7 billion to the United States.  Also concurrent with the OCC’s enforcement action, the Financial Crimes Enforcement Network assessed a $461 million civil money penalty that is deemed satisfied by the forfeiture to the U.S. government.

Related Link

# # #
Source: http://www.occ.gov
© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8646 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

4 Responses to “OCC Assesses a $350 Million Civil Money Penalty Against JPMorgan Chase for Bank Secrecy Act Violations”

  1. Mike says:

    How does a bank make this much profit, by stealing it?

  2. Charles Reed says:

    What about this bank and the other bank for stealing properties?

  3. Charles Reed says:

    The OCC is a joke as Dec 2008 Madoff was arrested and so where were the stolen funds being funneled through? The banking system but a $65 billion Ponzi was taking place for decades and here in Jan 2014, the bank that help him paid pennies compared to the billions stolen.

    So the mortgage loans and foreclosure mess is not being dealt with as the OCC needs to cover for the Federal Reserve’s investment in this crime!

  4. Sarah says:

    What about HSBC, aren’t they continuing to manipulate, launder, fund terrorists and other inspiring behavior? The OCC is a joke, a institution dedicated to hammering most of the country on behalf of TBTF, even with a rotation of staff. Sorry, there is no chance at restoring credibility to this most corrupt agency, a shining beacon of total capture. “Burn it to the ground” as Susan Webber Inc famously quipped. We’re supposed to be impressed with these petty fines, if the average Joe coast to coast knew what theses banks are actually “paying” the masses would rise in outrage. Who knows, 2014 might be a great year.

Trackbacks/Pingbacks


Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com

Archives