JPMorgan Faces Money Laundering Probe
JPMorgan faces money laundering probe
(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.
The exact scope of the inquiry and the size of potential liabilities for the bank could not be learned.