The bank could not be acknowledged the same scope of the inquiry and the size of the hidden liabilities. A source stated that making the largest United States bank the new target of a wide analysis of how banks avert transactions that contains sanctioned regions and drug money, JPMorgan Chase & Co’s agreement with the United States anti-money laundering laws is being observed by a banking regulator.
An independent branch in the Treasury Department, the Office of the Comptroller of the Currency is observing JPMorgan’s systems that are created to monitor and filter transactions. The same outline of the inquiry and the size of potential liabilities for the bank could not be analyzed, Joseph Evangelisti, a JPMorgan spokesman avoids commenting regarding on the issue.
It assumed amplified scrutiny by regulators of its consent with the latest and existing regulations containing the anti-money laundering laws, JPMorgan stated in its quarterly arranging with the United States Securities and Exchange Commission on the previous month. To discuss the money laundering involving the sending of drug money via bank networks and funds from other regions that encountering international sanctions like in Iran, the latest analysis comes in the middle of improving efforts by the regulators.
The issue also has become the target for the Department of Justice that requires to ramp up the figure of criminal cases that brings beyond the Bank Secrecy Act, it was the law that needs financial institutions and their staff to take steps to avoid money laundering. The source added that the United States regulators also are conceivably observing illicit transactions tied up to Venezuela.
To reinforce investigations that could result in one of the largest ever agreements or fines, British bank HSBC Holdings Plc inhibit almost $700 million prior to this summer. The Senate panel analyzed transactions bound to the Saudi Arabia, Cayman Islands, Iran and Mexico, a United States report disapproved an extensively polluted culture at the bank. New York’s banking regulator attained a $340 million agreement with British bank Standard Chartered Plc last month after the regulator checked out transactions tied up to Iran.
Through a procedure called remote-deposit capture, there have also been several cases in which the comptroller’s office pointed weaknesses in how banks clear checks probably tied to shady money transactions. The inquiry observed a monitoring gap in the bank tied up in Citigroup’s remote deposit capture business, the OCC distinguished a number of anti-money laundering deficiencies at Citigroup Inc last April. The Citigroup claimed that they already fixed the problem or they were in the process in giving solutions at that time.
REFERENCES:
http://profit.ndtv.com/news/corporates/article-jpmorgan-faces-money-laundering-probe-source-310887
http://www.reuters.com/article/2012/09/15/us-jpm-probe-idUSBRE88E0G220120915
http://www.complinet.com/global/news/news/article.html?ref=158492
http://money-summit.com/jpmorgan-faces-money-laundering-probe-source/
http://103.1.112.194:3601/Companies/x3cQWMzypOZKhx4I2ZgXYN/JPMorgan-faces-money-laundering-probe-source.html
