NEW YORK: A federal judge on Wednesday approved an agreement between JPMorgan Chase & Co and US prosecutors to settle charges that the bank violated anti-money laundering laws by failing to alert authorities to warning signs its employees encountered in dealings with convicted Ponzi schemer Bernard Madoff.
The settlement, which deferred the criminal charges against the bank until Jan 8 2016, requires JPMorgan to pay a US$1.7bil forfeiture and improve its anti-money laundering controls.
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