-
JPMorgan Chase's large and diversified operations -- including auto lending, wealth management and one-time sales of assets -- helped it shrug off its most recent round of eye-popping settlement and other costs.
January 14 - PH
JPM, Wells Kick Off Earnings Season; More Individual Libor Charges
January 14 -
Manhattan U.S. Attorney Preet Bharara on Tuesday defended his decision not to prosecute JPMorgan Chase for allegedly facilitating Bernie Madoff's Ponzi scheme, calling a deferred-prosecution agreement and monetary penalty an "appropriate" resolution of the bank's alleged failings.
January 7 -
Receiving Wide Coverage ...JPM Madoff Settlement: New year; same story for JPMorgan Chase. Anonymice are telling their favorite news outlets the big bank is close to nearing another settlement with federal regulators. This one involves allegations that JPM ignored signs about Bernie Madoff's massive Ponzi scheme. The settlement is expected to include just over $2 billion in fines, paid out to victims of the Madoff fraud, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network. It will also include a deferred prosecution agreement with Manhattan U.S. Attorney Preet Bharara. "The agreement, nearly unheard-of for a giant American bank and typically employed only when misconduct is extreme, underscores the magnitude of the case against JPMorgan," notes Dealbook. The Journal says JPM is trying to get the settlement finalized before it reports earnings on January 14.
January 6 -
Receiving Wide Coverage ...What's Another $2 Billion at This Point? Paul Volcker and his eponymous rule have been hogging the financial headlines for far too long this week. Time for JPMorgan Chase to take back its usual place at the center of the spotlight, today with news that it's nearing yet another multi-billion-dollar payout to government authorities. This one involves jailed Ponzi schemer Bernie Madoff and a deferred-prosecution agreement for actual criminal charges against JPMorgan for turning a blind eye to Madoff's scam as it banked him, anonymice tell the papers.
December 12
In an attempt to combat money laundering, JPMorgan Chase (JPM) is banning anonymous cash deposits into accounts at branches.
Starting Feb. 1, Chase tellers will ask all customers making cash deposits into consumer accounts to provide identification and to be listed on the account to complete the transaction. For business accounts, branch visitors depositing cash will be asked to provide identification. The new policies will become mandatory on March 3.
"We are making this policy change for cash deposits to combat misuse of accounts including money laundering," a Chase spokeswoman said.
JPMorgan Chase has been under increasing regulatory scrutiny in the past year,
Elliot Berman, an expert in anti-money laundering compliance, says he does not know of another large U.S bank that as a general procedure requires cash depositors to show I.D. or to be listed on the account. Berman says he believes the move is a response to Chase's recent regulatory agreements and doesn't expect a trend among big banks.
Requiring ID "does give the depository bank more information about the actual depositor, which may prove helpful," Berman says. "But I don't see the procedure being an industrywide trend in the near term."
Many Chase customers could be inconvenienced.
"Think of the adult children assisting aging parents by taking the deposit to the bank," Berman says. "I would not be surprised if [Chase] tellers and branch staff receive many questions and expressions of concern from customers."
However, customers will be allowed to add authorized signers to their accounts, the Chase spokeswoman said.
Small businesses that use employees or "runners" to make cash deposits will still be able to do so, provided those people show I.D., Chase said. The new policies have been tested in a pilot program.
The policy changes will not affect personal check or money order deposits or investment, treasury and commercial accounts. Fox Business
The Bank Secrecy Act of 1970 requires all cash transactions over $10,000 to be reported to the government.
