The stock of JPMorgan Chase & Co (NYSE:JPM) closed at $98.14 losing 0.37% in yesterday’s trading session. Swiss financial markets authority FINMA in its recent statement revealed that this company broke anti-money laundering rules.
JPMorgan Switzerland was discovered by FINMA on June 30 to have seriously infringed on the clearly laid out regulatory oversight provisions. That was according to the ruling that was made on Nov. 8 by the Federal Administrative Court.
It had on Thursday moved ahead to publish it. That particular case is said to have involved the violation of obligations of diligence on matters of money-laundering as was provided by the court document.
The court had been looking into FINMA’s previously undisclosed decision and was to make a consideration on whether or not there was need to make it public. Both JPMorgan and FINMA were adamant when it came to making comments regarding the ruling by FINMA. It was quite unclear what action the regulator had taken against the company.
FINMA doesn’t have the authority to levy fines, but it has the powers to move ahead confiscate all the unlawfully realized gains. The other thing within its mandate is the power to impose a series of limitations on bankers. In a number of instances it can move ahead to revoke an institution’s banking license.
JPMorgan spokeswoman in a recent statement disclosed that the most important thing to them was the overall safety as well as the soundness of the global monetary system.
She opined, “In support of that, we have made and continue to make significant enhancements to the firm’s AML (anti-money laundering) program to ensure we are meeting regulatory expectations. Because this FINMA resolution from June 2017 is not public, we cannot provide further details.”
JPMorgan Chase & Co (NYSE:JPM) through its many years of business operation has encountered a wide array of challenges. But the most outstanding part about the company is the fact that through it all it has succeeded at maintaining its vibrancy. The secret lies in its remarkable abilities to handle challenges that come its way.