Economy/Business News Alert

JPMorgan Chase hit with money laundering action

JPMorgan Chase failed to monitor cash transactions that flowed in and
out of its branches, a lapse that may have enabled terrorists and drug
dealers to launder money, federal banking regulators said
Monday. Authorities slapped the nation's largest bank with a cease
and desist order that calls for sweeping improvements to the bank's
internal systems designed to catch suspicious activity. The action
comes as federal regulators are ramping up efforts to crack down on money
laundering.

Read more at:
http://www.washingtonpost.com/business/govt-orders-jpmorgan-to-correct-controls-tied-to-6b-trading-loss-money-laundering/2013/01/14/54820ff8-5e8e-11e2-8acb-ab5cb77e95c8_story.html

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