US regulators are expected to order JPMorgan Chase & Co to make amends in how it polices suspicious money flows. It would be the latest move by officials to force banks to tighten their anti-money laundering systems.
The action against JPMorgan is expected to be made as soon as Friday. It would come as a form of cease-and-desist order that regulators use to force banks to improve weaknesses in their compliance. According to some sources, JPMorgan will not be asked to pay a fine.
The Office of the Comptroller of the Currency and the Federal are expected to come out with a cease-and-desist order. The Treasury Department?s the Financial Crimes Enforcement Network, which is the agency?s anti-money laundering unit, is also expected to take a separate action against the bank.
The timing of the action could be extended to next week or later and the states of the inquiry could also change. US regulators have been trying to crack down on lapses at banks on their anti-money laundering controls. Banks are supposed to flag suspicious transactions from sanctioned countries or from clients who have ties to terrorism or drug trafficking.
Standard Chartered Plc agreed to pay $667 million to US and state regulators in connection to anti-money laundering investigations. HSBC Holdings Plc also agreed last December to pay $1.9 billion in settlement to a US probe.
Citigroup was found to have major lapses in its compliance systems by the Office of the Comptroller of the Currency last April. The bank didn?t pay a monetary penalty.
The probe on JPMorgan started a few months ago. The first signs that the bank had problems with its transaction monitoring systems came out in August 2011. During that time, JPMorgan agreed to pay $88.3 million in settlement with the Treasury Department that claimed the bank engaged in prohibited transactions connected to Cuba and Iran.
Source: http://www.paydayloansmag.com/jpmorgan-faces-action-regarding-money-laundering/
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