JPMorgan Chase has officially settled with federal authorities over criminal charges that the bank ignored warning signs of Bernard Madoff’s $65 billion Ponzi scheme. The bank will pay $1.7 billion to settle the claims, which authorities say is the largest bank forfeiture in history — and the largest penalty by the Department of Justice for a Bank Secrecy Act violation. As part of the agreement, JPMorgan acknowledges its wrongdoing and must reform its anti-money laundering policies. In exchange, criminal charges against the bank will be deferred for two years.
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