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JPMorgan Ordered to Improve SAR Reporting, Affiliate Oversight
By Colby Adams and Brian Monroe
printThe U.S. Treasury Department and Federal Reserve Board disclosed long-awaited enforcement actions against JPMorgan Chase for Bank Secrecy Act failures Monday-the same day the regulators punished the company for trading violations. The New York-based financial institution failed to correct previously identified problems with its anti-money laundering (AML) program and violated rules on suspicious activity reporting, the department's Office of the Comptroller of the Currency (OCC) said in a cease-and-desist order. The bank also inadequately conducted due diligence on customers of its commercial and business unit, the OCC said. In one regard, the order echoed a monetary penalty against HSBC Holdings...
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