JPMorgan Busted for Money Laundering After Calling Bitcoin a Tool of it

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One more is scored for the pages of poetic irony.

Two months following Jamie Dimon,  CEO of JPMorgan lashing out at Bitcoin, claiming it to be a ‘fraud’, and that it’s ‘worse than tulip bulbs, and warning it won’t end well,’ is going to ‘blow up’ and ‘someone is going to get killed’ even made threats that ‘any trader trading bitcoin’ is going to be ‘fired for being stupid’ claiming it was just a ‘tool for laundering money’. However, Swiss daily Handelszeitung reports that the ‘Swiss subsidiary of JPMorgan was sanctioned by FINMA, the Swiss regulator, over money-laundering’ and ‘seriously violating their supervision laws.’

The newspaper mentioned these Swiss sanctions are because of the due diligence breached that is connected to the standards of laundering. This is another way of saying that JPMorgan was active in aiding and abetting illegal criminal money laundering.

Furthermore, the report makes note that the decision made by FINMA was issued on June 30th, but JPMorgan made efforts to prevent the judgment from being published. This was meant to be published during the following week. More recent, the Federal Administrative Court dismissed the appeal by JPM.

In a response to this violation of money-laundering, JPMorgan stated that in the supporting of safety and soundness of the global monetary system, ‘we have made and continue to make significant enhancements to the firm’s AML program to ensure we are meeting regulatory expectations,’ according to a statement sent to Bloomberg in an email.

Unfortunately though, JPMorgan also says that it cannot, or rather will not, provide any further details seeing as how the FINMA resolution made during June of 2017 isn’t public information.

What this means, is that anyone who’s wondering if Jamie Dimon’s bank was utilizing (and therefore trading) Bitcoin in order to circumvent the anti-money laundering regulations of the Swiss. Jamie Dimon will just have to be asked in person during the next public appearance he makes.

Image: TheAntiMedia.org

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Kyle James Lee

Kyle James Lee is the Majority Owner of The AEGIS Alliance. He studied in college for Media Arts & Game Development. Skills include Writer/Article Writer, Graphic Design, Web Design, and Video Production.