JPMorgan (JPM) Sanctioned By FINMA For Money Laundering

By Zacks Investment ResearchStock MarketsNov 19, 2017 10:15PM ET

www.investing.com/analysis/jpmorgan-jpm-sanctioned-by-finma-for-money-laundering-200266855

JPMorgan (JPM) Sanctioned By FINMA For Money Laundering

By Zacks Investment Research | Nov 19, 2017 10:15PM ET

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Switzerland’s financial regulator, FINMA, has sanctioned the Swiss subsidiary of JPMorgan Chase & Co. (NYSE:JPM) for money laundering and violating supervision laws.

On Jun 30, 2017, FINMA had ruled JPMorgan for breaking anti-money laundering guidelines and breaching due diligence.

However, FINMA’s judgement against JPMorgan, if any, remains undisclosed because the banking giant has been actively trying to prevent the publication of the regulator’s decision.

The matter came to light when recently the Federal Administrative Court published its ruling against JPMorgan, which it had issued on Nov 8, 2017.

The court document mentions facts about the initial ruling where JPMorgan’s subsidiary was considered guilty of money laundering. However, exact details of the wrongdoing are still shrouded in mystery.

Though, FINMA does not have the authorization to levy fines, it is allowed to confiscate a banking institution’s gains that it has realised unlawfully or enforce professional limitations on such institutions.

JPMorgan has not commented on the ruling yet. Nevertheless, a spokeswomen of the company said in a statement, “There is nothing more important to us than the safety and soundness of the global monetary system.”

Although JPMorgan has resolved quite a few litigation issues, it still faces investigations from several federal agencies and a few foreign governments for its business conducts in the pre-crisis period. As a result, the company’s legal expenses are expected to remain elevated, which might marginally affect its bottom line growth in the near future.

Shares of the company have gained 13.7% so far this year, outperforming 9.5% growth for the industry it belongs to.

Currently, JPMorgan carries a Zacks Rank #3 (Hold).

A few better-ranked stocks from the finance space are Interactive Brokers Group, Inc. (NASDAQ:IBKR) , Stifel Financial Corporation (NYSE:SF) and TD Ameritrade Holding Corporation (NASDAQ:AMTD) .

Earnings estimates for Interactive Brokers have been revised 2.7% upward for 2017 over the past 30 days. Its share price has risen 55.9% over the last six months. It has a Zacks Rank #2 (Buy).

Stifel Financial’s earnings estimates have been revised upward by 1.5% for the current year in the past 30 days. Also over the last six months, its share price has increased 16.6%. It currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

TD Ameritrade has witnessed an upward earnings estimate revision of 11.7% for the current fiscal year in the past 30 days. Also, its share price has seen a 31.8% rise over the last six months. It also sports a Zacks Rank of 1.

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J P Morgan Chase & Co (JPM): Free Stock Analysis Report

Interactive Brokers Group, Inc. (IBKR): Free Stock Analysis Report

TD Ameritrade Holding Corporation (AMTD): Free Stock Analysis Report

Stifel Financial Corporation (SF): Free Stock Analysis Report

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JPMorgan (JPM) Sanctioned By FINMA For Money Laundering

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