JPMorgan Closes 3,500 Foreign Accounts: What Is The Real Reason?Mark Melin
Fearful of government fines for money laundering and increased compliance burden, JPMorgan Chase & Co. (NYSE:JPM) is closing the accounts of current and former foreign government officials, the Financial Times reported Tuesday.
The larger issue isn’t government tightening the screws on money laundering concerns, in the wake of HSBC Holdings plc (ADR) (NYSE:HSBC)’s repeat offense of laundering money
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