OCC is probing the systems and personnel that JPMorgan uses to safeguard against illicit money transactions which may enable drug dealers and terrorists to launder money.
A specific angle of the probe includes in finding out how the bank’s systems were set up to review a high volume of suspect transactions.
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JPMorgan is also being checked for potential lapses in the monitoring of suspicious money transactions, as federal and state authorities probe several major US banks’ for anti-money laundering system failures.
Additionally, the OCC has also posed a regulatory order on Bank of America. The regulatory order is set to identify lapses and require the banks to tighten their anti-money laundering systems.
Earlier 2012, CEO of JPMorgan, Jamie Dimon, was in news when a US Senate committee had launched a probe into the bank’s US$5.8 billion trading loss.
The OCC and the bank have declined to discuss the details of the probe.
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By GlobalData
