JPMorgan faces U.S. action on anti money-laundering practices: WSJ
November 16, 2012 5:28 PM EST
U.S. regulators are expected to serve a formal notice to JPMorgan Chase & Co
Office of the Comptroller of the Currency's (OCC's) cease-and-desist order to JPMorgan is part of a broader crackdown on the nation's largest banks, the people told the paper.
The OCC is expected to require JPMorgan to beef up its procedures and examine past transactions, the Journal said. (http://link.reuters.com/sys93t)
Investigators and regulators are examining risk controls surrounding a multi-billion dollar trading loss within the company's Chief Investment Office.
The authorities are also probing whether a JPMorgan energy unit manipulated trading markets in California and how the bank's Bear Stearns unit packaged and sold home loans to investors before the financial crisis, the paper said.
The bank in recent months has been in talks with the OCC over terms of the action, the paper said.
OCC Director Thomas Curry declined to comment to the Journal on the cease-and-desist order but said the OCC would not hesitate if it concludes that a public action is warranted for any big bank.
"It's important for the public to know that regulators are doing their job," Curry told the paper.
JPMorgan and the OCC could not immediately be reached for comment by Reuters outside regular U.S. business hours.
(Reporting by Sakthi Prasad; Editing by Muralikumar Anantharaman)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Revealed: Vladimir Putin Plotting To Invade Europe – Report
- 5 Proofs Russia is Geared-Up for Shooting War with U.S. and Can Win Future Nuclear Showdown
- IKEA Black Friday 2014 Ad Includes Discounts On Home Furnishings, Appliances, Kitchen Designs, Beds, Sofas, Mattresses And Toys
- Australian and Other Select Earth Locations Hold Proofs Life Once Existed On Mars – Report
- Samsung Galaxy S6 Will Shatter Records with 64-Bit Snapdragon, 21MP Camera and Bendable Design
- Lowe's Black Friday 2014 Deals Include Up To 40% Off On Select Major Appliances, Plus Free Shipping For Orders Of $19 Or More
- Bill Clinton At It Again, Caught By Camera In Jerusalem Peeking At Woman’s Breast