The money laundering culprit has struck again and to no one’s surprise it’s at another bank. Is it HSBC laundering money for Mexican cartels, Iran and terrorists again? No, this time it’s the Swiss subsidiary of US bank JPMorgan Chase.
The JPMorgan chase subsidiary has been sanctioned by Switzerland’s financial regulator FINMA for money laundering and “seriously violating supervision laws” as reported earlier by the local weekly Handelszeitung.
The sanctions, according to Handelszeitung, are due to “breaches of due diligence in connection with money laundering standards. This means that they did not thoroughly conduct their operations in a manner that would meet the set money laundering standards. Yes,put simply, the bank facilitated the act of money laundering.
When was this made known to JP Morgan?
The ruling is said to be issued on June 30th, but regulator did not make it public due to active requests from JPMorgan to prevent the publication. The sanctioned party has requested for an appeal but this was quickly denied by the Federal Administrative Court.
It is an interesting turn of events because it’s been about two months since the head and chief executive officer of the sanctioned outfit, Jamie Dimon, talked poorly about bitcoin, and calling it’s legitimacy into question. He went on, calling the leading cryptocurrency a fraud and stated that one could derive great utility from it “if you were a drug dealer or a murderer.”
He continued, remarking on the crazy that is taking place in the cryptocurrency world, comparing it the 17th – century Dutch tulip mania bubble in which contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels and then dramatically collapsed. The CEO concluded his remarks by saying the the leading cryptocurrency would collapse and would seek to fire any of his traders that were engaging in cryptocurrency trading for not having the ability to think straight.
“A fiat currency is when a government says this is your legal tender, you have to give it and accept it, and of course the central bank can misuse it and inflate it. But what is the use case for bitcoin? You’re in Venezuela, North Korea, you’re a criminal. Great product!”
When they found themselves in hot water with the regulators, they responded that there would be a continual process of seeking to uphold the standards of safety and certainty of the global financial 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. Bitcoin for it’s part, stays un phased as it climbs to new heights, almost reaching $8,000 recently.
The pioneer bitcoin still holds the throne and leads the pack of altcoins with the largest market capitalization despite going through growing pains possible splits in the community like the ongoing Segwit2x debate.
Bitcoin’s value is around $130 Billion. That’s either a lot of money launderers or a lot of legitimate cash inflows.