OCC Issues Cease and Desist Order Against JPMorgan Chase, N.A., Related to Bank Secrecy Act/Anti-Money Laundering

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OCC Issues Cease and Desist Order Against JPMorgan Chase, N.A., Related to Bank Secrecy Act/Anti-Money Laundering

WASHINGTON — The Office of the Comptroller of the Currency (OCC) announced today the issuance of a cease and desist order, by consent, against JPMorgan Chase, N.A.; JPMorgan Bank and Trust Company, N.A.; and Chase Bank USA, N.A., for deficiencies in the banks’ overall program for Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance.

The OCC found that the bank’s BSA compliance program had critical deficiencies with respect to suspicious activity reporting, monitoring transactions, conducting customer due diligence and risk assessment, and implementing adequate systems of internal controls and independent testing. These findings resulted in violations by the bank of statutory and regulatory requirements to maintain an adequate BSA compliance program, file suspicious activity reports, and conduct appropriate due diligence on business and commercial banking customers.

Concurrent with the OCC’s enforcement action, the Board of Governors of the Federal Reserve System has issued a cease and desist order upon consent with the bank’s parent company, JPMorgan Chase & Co.

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Source: http://www.occ.gov

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Comments
2 Responses to “OCC Issues Cease and Desist Order Against JPMorgan Chase, N.A., Related to Bank Secrecy Act/Anti-Money Laundering”
  1. Big enough to commit fraud but not big enough to do jail time.Crime of the century and nobody is being held accountable even when they admit it.If this wasn’t so pathetic it would be laughable.

  2. 1ofthemany says:

    No not Jamie boy…no they did not not the prez’s friend no they did not hah…. Right been taking my money just shy of a decade and nothing to show here NADA!!!!

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