JPMorgan Soon to Be Slapped for Slippery Money Laundering Controls (BAC, JPM)

JPMorgan Soon to Be Slapped for Slippery Money Laundering Controls (BAC, JPM)

As promised, the Office of the Comptroller of the Currency plans to clamp down on another big bank that has been having trouble staying on the right side of anti-money laundering laws. JPMorgan Chase (NYSE: JPM  ) is the latest to get in line to have its figurative wrist slapped for lax money controls, much as Citigroup (NYSE: C  ) did in the spring of last year.
A cease-and-desist order, but no penalty
Like Citi, Reuters reports that JPMorgan will likely be served with a cease-and-desist order, with no monetary penalty attached. This is in stark contrast to the recent HSBC (NYSE: HBC  ) case, in which that bank paid nearly $2 billion in fines  to U.S. regulators to settle charges of employing controls loose enough to allow nearly $1 billion in drug money to be laundered through the bank and its subsidiaries.