JPMorgan faces money laundering probe: source

Source: Reuters

(Reuters) - JPMorgan Chase & Co's compliance with U.S. anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries.

The Office of the Comptroller of the Currency, an independent branch within the Treasury Department, is examining JPMorgan's systems that are designed to monitor and filter such transactions, said the source, who is familiar with the situation...

In its quarterly filing with the U.S. Securities and Exchange Commission last month, JPMorgan said it expected heightened scrutiny by regulators of its compliance with new and existing regulations, including anti-money laundering laws.

The latest investigation comes in the midst of stepped-up efforts by regulators to crack down on money laundering, including transfers of drug money through bank networks and funds from countries facing international sanctions such as Iran. ...

Read more: http://www.reuters.com/article/2012/09/15/us-jpm-probe-idUSBRE88E0G220120915

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3 replies	Author	Time	Post
JPMorgan faces money laundering probe: source (Original post)	jsr	Sep 2012	OP
If there is money laundering it's probably NOT the bank as a whole that is doing it...	LynneSin	Sep 2012	#1
Given the recent track record of prosecuting illegal activity by the 1% that the result of the	Citizen Worker	Sep 2012	#2
Walk into a Chase branch walk out feeling like you need a shower.	sarcasmo	Sep 2012	#3

Response to jsr (Original post)

Sat Sep 15, 2012, 05:19 PM

LynneSin (89,793 posts)

1. If there is money laundering it's probably NOT the bank as a whole that is doing it...

but a few individuals within the bank. I'm sure Chase will do what it can to rid themselves of these folks.

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Response to jsr (Original post)

Sat Sep 15, 2012, 05:27 PM

Citizen Worker (1,785 posts)

2. Given the recent track record of prosecuting illegal activity by the 1% that the result of the

"investigation" will conclude that there's insufficient evidence to sustain a conviction, or perish the thought, charges are filed the white house and congress will get busy and pass legislation that retroactively protects the banks. That's how it works when you have the "rule of law."

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Response to jsr (Original post)

Sat Sep 15, 2012, 08:15 PM

sarcasmo (13,550 posts)

3. Walk into a Chase branch walk out feeling like you need a shower.

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