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JPMorgan in Talks with OCC Over Possible Cease-and-Desist Order: Sources
By Brian Monroe
printU.S. banking regulators have initiated talks with JPMorgan Chase that could result in an anti-money laundering enforcement action related to insufficient staffing and other issues, say sources. The U.S. Treasury Department's Office of the Comptroller of the Currency (OCC) noted the compliance weaknesses following an $88 million fine levied against the New York-based institution for sanctions violations in August, according to an individual familiar with the matter. The agency is weighing whether to issue a cease-and-desist order against the bank, said the person, who characterized any potential action as "imminent." There is a "significant amount of regulatory pressure for a...
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