JPMorgan faces money laundering probe: source

Perhaps Mr. Dimon should bust out his presidential cuff links again to remind Congress and regulators who’s the boss, as his bank JP Morgan is reportedly under investigation for money laundering.

The London Whale’s ICD9 debacle, now a money laundering scandal, can we throw in silver manipulation for a perfect Hat Trick of scandals for JPM in 2012?


JPMorgan Chase & Co’s compliance with U.S. anti-money laundering laws is being reviewed by a banking regulator, a source said, making the largest U.S. bank the latest target of a wide investigation of how banks prevent transactions involving drug money and sanctioned countries.

The Office of the Comptroller of the Currency, an independent branch within the Treasury Department, is examining JPMorgan’s systems that are designed to monitor and filter such transactions, said the source, who is familiar with the situation.

The exact scope of the inquiry and the size of potential liabilities for the bank could not be learned.

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