JPMorgan busted for money laundering after accusing bitcoin of doing the same

According to, the Swiss subsidiary of US bank JPMorgan Chase has been sanctioned by Switzerland’s financial regulator FINMA for money laundering and “seriously violating supervision laws.”

The sanctions are reportedly related to breaches of due diligence in connection with money laundering standards. That literally means the Wall Street banking giant assisted in money laundering.

The ruling was reportedly issued on June 30, but the regulator did not make it known as JPMorgan has been actively trying to prevent the publication. The Federal Administrative Court has since dismissed an appeal by the bank.

Responding to the allegations of money laundering, JPMorgan said the bank is trying its best to support the safety and soundness of the global monetary system.

“We have made and continue to make significant enhancements to the firm’s anti-money laundering program to ensure we are meeting regulatory expectations,” the bank said in an emailed statement sent to Bloomberg.

JPMorgan refused to provide any further details as FINMA’s ruling in June isn’t public.

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Written by Brad Chillum


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