Sources said that U.S. prosecutors "are threatening to punish banks for failing to report suspicious activity" on FIFA-related accounts as part of the sprawling corruption probe into world football’s governing body, according to Chon, Noonan & McLannahan of the FINANCIAL TIMES. The criminal charges "could have serious implications if prosecutors proceed." In '14, JPMorgan Chase paid a $2B penalty "for failing to file such reports in relation to the so-called Ponzi scheme led by Bernard Madoff." People familiar with the matter said that JPMorgan, along with Bank of America, Citigroup, Credit Suisse, HSBC, Standard Chartered and UBS "are among the banks that are holding private discussions with prosecutors about what they knew" and when as part of the FIFA probe. All of the banks held accounts for FIFA or FIFA-connected entities and individuals, "or were used as part of money transfers, with some of them totalling in the millions of dollars, according to a May indictment." For Credit Suisse and UBS in Switzerland, U.S. prosecutors are also seeking ways to obtain information about FIFA and related entities "without having to deal with the restrictions of the Swiss bank secrecy laws" (FT, 12/13).
