After Slamming Bitcoin As A Money Laundering Tool, JPMorgan Busted For Money Laundering

Score one for the poetic irony pages.

Two months after JPMorgan CEO Jamie Dimon lashed out at bitcoin, calling it a "fraud" which is "worse than tulip bulbs, warning it won't end well", will "blow up" and "someone is going to get killed" and threatened that "any trader trading bitcoin" will be "fired for being stupid" as it was merely a tool for money-laundering, today Swiss daily Handelszeitung reported that the Swiss subsidiary of JPMorgan was sanctioned by the Swiss regulator, FINMA, over money laundering and "seriously violating supervision laws."

As the newspaper adds, the Swiss sanctions relate to breaches of due diligence in connection with money laundering standards. In other words, JPMorgan was actively aiding and abeting criminal money laundering.

The report further notes, the Finma decision was issued on June 30 and should have been published the following week but JPMorganm tried to prevent the publication of the judgment. More recently, the Federal Administrative Court dismissed the appeal.

In response to money-laundering violation, JPM said that in support of safety and soundness of 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 an emailed statement sent to Bloomberg.

Unfortunately, JPMorgan also said that it can’t, or rather won't, provide further details since the Finma resolution from June 2017 isn’t public.

This means that anyone wondering if Jamie Dimon's bank was using (and thus trading) bitcoin to circumvent Swiss anti-money laundering regulations, will just have to ask Jamie Dimon in person during his next public appearance.  


auricle TeamDepends Thu, 11/16/2017 - 20:36 Permalink

At any given moment any of these banks could be closed due to fraud/laundering/embezzlement. Pick your illegal activity because they do it all. Billions are made and millions if any are fined. What would you do if that was you?If anyone could cheat their taxes and only be fined a fraction of their gains. This is how all banks are run. Are you not outraged? 

In reply to by TeamDepends

bamawatson auricle Thu, 11/16/2017 - 21:34 Permalink

speaking of FRAUDS, this video will give you an idea what was occurring nov 7 in a suit filed by lenny pozner ---- "father" of fake 'victim' noah pozner  ---- of fake sandy hoax sued wolfgang halbag for speaking truth;the suit has dragged on for months;yesterday, nov 15, lenny pozner was , at long last, scheduled to be deposed UNDER OATH;the first time ANY of these satanic sub-humans would be under oath;lenny pozner bailed; lenny pozner ran; let us now rip this scab Wide Open

In reply to by auricle

tmosley bamawatson Thu, 11/16/2017 - 22:02 Permalink

Speaking of fraud closer to on-topic, this article talks about the USDT fraud that has with a great deal of certainty pumped the BTC price up to its current levels:… author proposes a failure mode for the scheme via US regulator interference, as several of the exchanges that use tether are US based.This is going to hurt, folks. And not just BTC. All of crypto. I'm sure it will survive, but it will take a long time to come back from this.

In reply to by bamawatson

shitshitshit tmosley Fri, 11/17/2017 - 05:07 Permalink

Excellent article tmosley, thanks!And as previously discussed, this goes in the sense where all of the BTC price up kabuki was linked to sheer fraud at the exchange level, absent an increase of transactions or wallet numbers at the blockchain level following price fluctuations, as well as the fact that the biggest exchanges cannot get money wired through banks. And of course attention was diverted through stupid news of someone magically reverting the crash buy buying $15Mio last week, whereas the global movement was much higher, or that some miserable south african or american country would inject billions in there. I had good belly laughs reading through these at that time as you may remember.Therefore price goes up without liquidity injection, which in turn allows some whales to sell on the way up (don't worry for them, they already put their orders to buy back on the coming crashes). Musical chairs to begin when the market becomes exhausted, and of course we'll be served all kind of stupid excuses like zimbabwe, venezuela, ghana, god know which god foresaken place that can sudenly magically inject trillions in BTC market cap, or even broke lala land pension/edge funds liquidating etc.. hahaAnd of course the long bear market will exhaust even more the small wallets of hobbyists who will trade in the hope of increasing their holdings. We all saw this a few times. It's going to be another version...Looks like the handy work of the plunge protection team, just like on stock markets... 

In reply to by tmosley

shitshitshit The_merovingian Fri, 11/17/2017 - 04:37 Permalink

Once the whales/investment banks cash out they will leave the market floating and deflating by itself before panic takes over the muppets who will get badly burnt.They already gave their limits, which are between 10-12k per BTC. Understand that when they say this, they will cash out well before in order to leave things in order behind them and play plausible denialability while whistling away. They must therefore be starting the harvest right now, hence the exponential increase and infusion of stupid BTC bull market news from countries where nobody can easily verify the facts.Some will lose their shirts.BTC is really hotel california: you can check out but you can never leave...

In reply to by The_merovingian

The_merovingian shitshitshit Fri, 11/17/2017 - 08:20 Permalink

I have no idea what you’re talking about. I’ve been checking in and out of Bitcoin for years without any problem. Ever heard of P2P markets? Bisq? Exchanges are the easiest and fastest way to buy and sell BTC or to do day trading but are by no means the only way to exchange BTC for fiat. BTC could go on without exchanges and simply rely on P2P markets without any problem. While Tether is a scam and has contributed to inflate crypto prices, it is still irrelevant in the grand scheme of things. We are comparing millions to billions here.

In reply to by shitshitshit

shitshitshit The_merovingian Fri, 11/17/2017 - 16:24 Permalink

the idea is very simple: TPTB will not lift the little finger against bitfinex or tehter until the killing fields are full of casualties and class actions start pouring in. This will be the best signal they can send to tell people that cryptos are shit while pretending they did not see it coming. Everything is in plausible deniability.On top of that, consider that JPM and GS who are balls deep in that game and who make out like bandits will play victim once musical chairs have started and will help prosecute to the fullest possible extent of the law the owners of the exchanges and coins implicated in this ongoing fraud.In so doing, they will claim damages that will leave those guys poorer than in their tamest dreams, and GS & JPM will inherent consequent wallets, therefore breaking in the whales club.And then we'll be in for maybe 3-4 years of bear market and lack of liquidities if I'm not too mistaken.Then the next bull market will open the doors of a new type of fraud. Life is full of surprises, and cryptos are an excellent means of making money when ignoramus and gold diggers flock together...  

In reply to by The_merovingian

DaemonMe tmosley Fri, 11/17/2017 - 04:45 Permalink

Not sure where these numbers are drawn from, but it sure does not resemble anything I've stumbled upon myself when transacting in real life. Transfered my whole stash from a soft to a hard wallet, which took less than 1 h for full confirmation and cost less than 2 EUR less then a week ago. Both segwit enabled wallets, but that's just the next step in BTC's evolution, right?I for sure am not a proponent of BCH's bigger block sizes as that centralizes mining even more. I am more than willing to wait for the second layer solutions and pay higher fees in the meantime in order to do the scaling issue right the first time. Mind you, second layer solutions are already being not only tested in testing environments, but deployed by wannabe nodes (and their end-user "friends") through the first GUI.My point is: the future is now. In a decade there will be a whole new monetary/payment ecosystem built, which is a timeframe no-one in their wildest dreams could have hoped for. It was and is worth the wait. We are still in the very early stages in the adoption cycle. If you are in this for the long haul and believe in the new paradigm, the interim price fluctuations are simply a non-issue.P.S. Comparing the real world usability of ANY other coin with Bitcoin immediatelly disqualifies anyone from a serious conversation. No matter the perceived advantages of other coins (privacy etc.), the main property of each coin is it's security. Without it you could as well hold potatoes or other perishable goods. Bitcoin's network has been tested and attacked more than all the other coins combined and it is still standing, growing ever stronger. No other coin would have survived the attacked BTC faced from BCH the other day. NO OTHER COIN. Meaning that ALL of them still have a hell of a lot of work ahead of them before anyone can truly take them seriously. Keep that in mind when focusing on the secondary properties of coins with a miniscule network and virtually no real life security issues faced as of yet. (writting this while holding quite a substantial investment in IOTA, btw)

In reply to by tmosley

shitshitshit tmosley Fri, 11/17/2017 - 08:08 Permalink

I don't know if it's going to be wise to purchase IOTA or any other crypto before the plunge.I already cashed out a while ago and do not plan to come back in before my target prices are reached, meaning before the near end of bear market.the thing can go higher and higher as long as there are greater fools, but I have very little trust in market stability, especially considering the price rises that are steeper and steeper, paving the way for even more brutal corrections.I pity the guys who think about getting balls deep in this market today... 

In reply to by tmosley

DaemonMe tmosley Fri, 11/17/2017 - 08:18 Permalink

It is most likely very early (too early, probably by a couple of years) to be accumulating/holding IOTA given the development phase it is in. There are more mature cryptos out there with better short term potential for price hikes. That being said, I am holding simply because of the fact I cannot make the time to transact regularly and look for smaller windows of opportunity. I'll hold and let the chips fall where they may.As far as Bitcoin is concerned, there are a great deal of future developments in the pipeline that will have an impact on the price of BTC, including the potential Tether machinations. Exchanges might (and some of them certainly will) go under and take their users and their stashes with them, which will probably have *some* impact on Bitcoin's price. Nevertheless, if you're in it for the long haul and are not trading daily, this is simply not something to worry about. For long-term hodlers, this is a non-issue. As for the daily traders - be warned, as you've said.

In reply to by tmosley

tmosley DaemonMe Fri, 11/17/2017 - 08:29 Permalink

>too early, probably by a couple of yearsI agree with you, but I have a suspicion that it will be difficult to source IOTA until after it has become far more valuable than it is today (from a utilitarian perspective). Development is proceeding briskly, and it seems unlikely to stop because the exchanges trading it have collapsed (99.9% of its volume comes from exchanges reliant on Tether).Won't be surprised to see decentralized exchanges take the lead as these centralized ponzi exchanges collapse.

In reply to by DaemonMe

tmosley Juliette Thu, 11/16/2017 - 23:10 Permalink

I'm sure you ride a horse and buggy everywhere you go at great expense as well.If you are presented with two services that do the same thing, one costs a penny to transfer an arbitrary amount of money, the other costs $15, which one will you use?Also, the $15 is slower, taking an hour to confirm, rather than five minutes.

In reply to by Juliette

J S Bach Thu, 11/16/2017 - 19:52 Permalink

Bitcoin... JP Morgan... the Fed... Goldman Sachs... they're ALL usurers conspiring with - and competing against - one another.  This is precisely why the wise put at least PART of their wealth into precious metals.  Whatever the hell tricks the money lenders/issuers try to play at any moment in history, the gravity and physicality of the metal itself CANNOT be altered, thus possession ensures a retention of one's wealth once the scams/cycles/systems/etc... have played themselves out.Yes, there will be howls from the bitcoinites about how wonderful their new digital brainchild is... but, the wise know that ANY monetary unit based on nothing more than fragile human trust... will NEVER hold its initial value in the long run.

Justin Case J S Bach Thu, 11/16/2017 - 20:13 Permalink

So once again, it comes back to the basic philosophy behind the question of "value." Are you interested in the value of gold and bitcoin as measured in US Federal Reserve notes? Are they just another commodity to be used to turnaround a quick buck? If so, then by all means, study the charts, look for the patterns, find your opportunities and enjoy the game.But what if the "value" of gold or bitcoin is not measured in government fiat, but in their own potential as monetary instruments? After all, the US dollar will not outlast the US government (in its current form, at any rate), but gold will and bitcoin might. And if these instruments are not investments but hedges, that changes the meaning of their "value," doesn't it?

In reply to by J S Bach

J S Bach Justin Case Thu, 11/16/2017 - 20:21 Permalink

I base "value" on reality.  "Dollars", "shekels", "pounds", "bitcoins"... these are all man-made constructs.  Gold and silver (and other rare-earth commodities) are physical things which have a limited presence in the known universe, thus fulfilling their definition of "rare".  "Rare", if deemed valuable, defines worth.  Since the dawn of recorded history, precious metals have held their "worth" in this regard.  So, unless some unearthly event occurs which renders these rare elements "worthless", I would comfortably bank on their retaining their value, thus status, as TRUE monetary units.

In reply to by Justin Case

J S Bach GassedUpOldMan Thu, 11/16/2017 - 22:55 Permalink

When... not if... the time comes that the ultimate controllers of bitcoin decide to deny you access to your invisible currency... you will be at the whims of their "generosity".  Do you feel assured and safe in such a scenario?  Why do you think they mandated - by threat of jail - that ALL privately-held gold during the 1930s be turned in to the government?  History can be a great tool of enlightenment if you choose to learn it.

In reply to by GassedUpOldMan

shitshitshit GassedUpOldMan Fri, 11/17/2017 - 05:58 Permalink

given enough dog and pony shows, nothing guarantees that at some point the core bitcoin code will not be "enhanced" to allow more coins to be mined. The power lies on the bitcoin core team which is made of humans who are, in turn, either subject to corruption or infiltration by other organizations.Also consider that everytime there is a fork this intrinsically breaks the original promise of bitcoin and doubles the number of coins in circulation, even though they are rebranded.So something will have to give in at some point. The wise takes his profits and gets out of the game when he can, not looking back to avoid being double crossed whilst tempted to double down. 

In reply to by GassedUpOldMan