Bank Secrecy Act and Other Anti-Money Laundering Requirements – Federal Reserve Board Issues Two Consent Cease and Desist Orders Against JPMorgan Chase & Co.

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Federal Reserve Board issues two consent cease and desist orders against JPMorgan Chase & Co.

Federal Reserve Press Release

Release Date: January 14, 2013

For immediate release

The Federal Reserve Board on Monday issued two consent Cease and Desist Orders against JPMorgan Chase & Co., New York, New York (JPMC), a registered bank holding company. The first order requires JPMC to take corrective action to continue ongoing enhancements to its risk-management program and its finance and internal audit functions, particularly in regard to JPMC’s Chief Investment Office (CIO). The Board’s order follows the disclosure of significant losses in a large synthetic credit portfolio that was managed by the CIO. The second order requires JPMC to take corrective action to enhance its program for compliance with the Bank Secrecy Act and other anti-money laundering requirements at JPMC’s various subsidiaries.

The Office of the Comptroller of the Currency on Monday issued two similar Consent Orders against JPMorgan Chase Bank, N.A., Columbus, Ohio.

Attachment (21 KB PDF)

Attachment 2 (22 KB PDF)

SOURCE: http://www.federalreserve.gov

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Comments
2 Responses to “Bank Secrecy Act and Other Anti-Money Laundering Requirements – Federal Reserve Board Issues Two Consent Cease and Desist Orders Against JPMorgan Chase & Co.”
  1. 1ofthemany says:

    Will not happen to the prez’s friend, you watch

  2. Cheri says:

    They need To order One now For Bank of America

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