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January 15, 2013

J.P. Morgan Ordered to Fix Lapses

U.S. regulators hit J.P. Morgan Chase & Co. with four formal enforcement actions targeting lapses in risk-management and money-laundering controls, including the first sanctions in response to the bank’s multibillion-dollar 2012 trading debacle.

One set of cease-and-desist orders from the Office of the Comptroller of the Currency and the Federal Reserve instructs the largest U.S. bank by assets to remedy the breakdowns that allowed a small group of London-based traders to rack up more than $6 billion in losses last year.

Another requires the bank to beef up its antimoney-laundering procedures and mirrors an action taken last April when regulators ordered Citigroup Inc. to upgrade its transaction-monitoring procedures and enhance internal audit.”

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Read full Wall Street Journal article here

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