Beyond the DOJ fine, the settlement also requires the bank as a whole to "accept and acknowledge responsibility for its conduct." The government said JP Morgan "did willfully fail to establish an adequate anti-money laundering program" and "did willfully fail to report suspicious transactions." The deferred prosecution agreement is contingent on the bank cooperating fully with federal investigators and reforming its fraud monitoring operations.
JPMorgan remains the target of several lawsuits related to the 2007 housing market collapse and has reportedly set aside another $23 billion to cover the costs of future legal battles.
The Associated Press contributed to this report.