JPMorgan pays $2.5 billion for Bank Secrecy Act violations

America’s largest financial institution has paid dearly for banking Bernie Madoff, whose $20bn Ponzi investment scheme collapsed in 2008. Under a deferred prosecution and other agreements announced 7 January 2014, JPMorgan will pay $2.5bn to US authorities to settle charges that it breached the Bank Secrecy Act (BSA) in its dealings with Madoff Securities.