JPMorgan Chase & Co will pay $1.7 billion to settle US charges it violated laws requiring banks to monitor customer activity for money laundering in its handling of accounts of convicted Ponzi-schemer Bernard Madoff, authorities said on Tuesday.

The deal includes a two-year deferred prosecution agreement and settles outstanding probes by two bank regulators into failures in JPMorgan's anti-money laundering policies. The bank agreed to improve its controls. - Reuters