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. The fines against Chase were the result of three settlements. The U.S. Attorney’s Office for the Southern District of New York included a $1.7 billion penalty. The Treasury Department’s Financial Crimes Enforcement Network fined Chase $461 million for BSA-related violations. The OCC issued a cease and desist order directing Chase’s three affiliated banks to correct deficiencies in their compliance programs.”]
Source: https://www.bankinfosecurity.com/jpmorgan-chase-fines-exceed-2-billion-a-6356