$JPM to be Served Formal Notice for Anti -Money-Laundering Charges

“U.S. regulators are expected to serve a formal notice to JPMorgan Chaseaccusing the nation’s biggest bank of having weaknesses in its anti-money-laundering systems, The Wall Street Journal reported, citing people close to the situation.

Office of the Comptroller of the Currency’s (OCC’s) cease-and-desist order to JPMorgan[JPM  Loading…      ()   ] is part of a broader crackdown on the nation’s largest banks, the people told the paper.

The OCC is expected to require JPMorgan to beef up its procedures and examine past transactions, the Journal said.

Investigators and regulators are examining risk controls surrounding a multibillion-dollar trading loss within the company’s Chief Investment Office.

The authorities are also probing whether a JPMorgan energy unit manipulated trading markets in California and how the bank’s Bear Stearns unit packaged and sold home loans to investors before the financial crisis, the paper said.”

Full article