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News Link • Economy - Economics USA

JPMorgan Shut Down A World-Famous Economist's Bank Account With No Warning

José Antonio Ocampo — a world-renowned economist, former Colombian finance minister, and former nominee to head the World Bank — has filed a complaint with the Consumer Financial Protection Bureau against JPMorgan.

He says the bank shut down his accounts without warning, the Financial Times reports.

“Friday was hell for me,” Ocampo told the FT. “I had all my money frozen. I am being treated like a criminal.”
The bank says Ocampo's account was shut down because JPM is reevaluating its business with "politically exposed persons" like non-U.S. former high-level diplomats (think the Tony Blairs of the world) because of high compliance costs. It's all part of a new effort at the bank to clamp down on any potential for money laundering or security breaches.

The bank paid $2 billion in fines for such violations last year.

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