JPMorgan to pay over $2 billion to settle Madoff case

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NEW YORK Tue Jan 7, 2014 9:34am EST

Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London September 19, 2013. REUTERS/Neil Hall

Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London September 19, 2013.

Credit: Reuters/Neil Hall

NEW YORK (Reuters) – JPMorgan Chase & Co will pay $1.7 billion to settle U.S. charges it violated laws requiring banks to monitor customer activity for money laundering in its handling of accounts of convicted Ponzi-schemer Bernard Madoff, authorities said on Tuesday.

The deal includes a two-year deferred prosecution agreement and settles outstanding probes by two bank regulators into failures in JPMorgan’s anti-money laundering policies. The bank agreed to improve its controls.

(Reporting by Emily Flitter; Editing by Jeffrey Benkoe)

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