JPMorgan’s Epstein settlement will change how all banks act

Already under fire for gypping their customers on deposit rates, and over-charging them for international money transfers, the country’s big four banks are now facing the daunting prospect of being held responsible for crimes committed by their clients.

This follows the tentative agreement by JPMorgan Chase – the largest bank in the US – to pay $US290 million ($422 million) to settle a lawsuit on behalf of victims of the late sexual predator Jeffrey Epstein, amid claims the bank turned a blind eye to internal warnings and overlooked red flags about him because he was such a lucrative customer.