J.P. Morgan Faces US Action on Money-Laundering Controls - Corruption Currents - WSJ


Regulators are expected to serve a formal action against J.P. Morgan Chase  & Co. alleging weakness in its anti-money laundering program, the Wall Street Journal reported, citing people close to the situation.

The sources told the Journal that a cease-and-desist order from the Office of the Comptroller of the Currency was part of a broader crackdown on the largest U.S. banks. The order is expected to require J.P. Morgan to examine past transactions and improve its anti-money laundering compliance procedures, the Journal reported, citing the sources.