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January 11, 2013

Exclusive: JPMorgan faces action on laundering controls

U.S. regulators are expected to order JPMorgan Chase & Co to correct lapses in how it polices suspect money flows, two people familiar with the situation said, in the latest move by officials to force banks to tighten their anti money-laundering systems.

The action against JPMorgan, which is expected as soon as Friday, would be in the form of a cease-and-desist order, which regulators use to force banks to improve compliance weaknesses, the sources said. JPMorgan will probably not have to pay a monetary penalty, one of the sources said.

The Office of the Comptroller of the Currency and the Federal Reserve are expected to issue a cease-and-desist order, the sources said. The Treasury Department’s anti money-laundering unit, the Financial Crimes Enforcement Network, could take a separate action against the bank, they said.

The status of the inquiry could change, and the timing of the action could extend to next week or later.”

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Read full Reuters article here

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