JPMorgan, Bank Of America Probed Over Money-Laundering Allegations: New York Times
NEW YORK -- "Regulators are investigating whether several major U.S.
banks failed to monitor transactions properly, allowing criminals to
launder money, according to a New York Times story. The newspaper cited
officials who it said spoke on the condition of anonymity.
The Office of the Comptroller of the Currency, the federal agency
that oversees the biggest banks, is leading the money-laundering
investigation, according to the Times. The report said the OCC could
soon take action against JPMorgan Chase & Co., and that it is also
investigating Bank of America Corp. Money laundering allows people to
make money – often obtained illegally – appear like it came from another
source."
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