JPMorgan Chase Fines Exceed $2 billion for violations of the Bank Secrecy Act tied to failure to report suspicious activity related to Bernie Madoff’s Ponzi scheme. JPMorgan Chase is not the only institution to face regulatory scrutiny for AML violations. HSBC Group announced it would pay $1.92 billion for BSA violations stemming from a cease and desist order issued by the OCC in October 2010 against HSBC’s North American branch [d.b.a] HSBC also agreed to hefty U.S. financial penalties for sanctions violations.”]
Source: https://www.cuinfosecurity.com/jpmorgan-chase-fines-exceed-2-billion-a-6356