Home > Latest News > Big Banks Cited For Weak Money Laundering Protections

Big Banks Cited For Weak Money Laundering Protections

January 19, 2013 Leave a comment Go to comments

01:27, January 19, 2013

US regulators have ordered banking giant JP Morgan Chase to revise its money laundering protection systems, which they said contained “deficiencies” that could leave the bank vulnerable to use by criminal groups. 

The Federal Reserve and the Office of the Comptroller of the Currency released parallel orders against the bank on Monday, citing a pattern of faulty risk management that left JP Morgan with a $6 billion trading loss last year.

JP Morgan is the second major bank the US government has targeted for insufficient money-laundering protections in recent months. The British bank HSBC paid a $1.9 billion fine in December after an investigation by the Justice Department found it had laundered $881 million for drug cartels in Mexico and Colombia.

Armenian News

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