Federal Reserve Lifts Consent Orders Against JPMorgan, U.S. Bancorp
December 12 2019 - 5:05PM
Dow Jones News
By Kristin Broughton
The Federal Reserve on Thursday lifted consent orders against
JPMorgan Chase & Co. and U.S Bancorp stemming from what the
central bank identified as weak anti-money laundering controls.
The Fed's order against JPMorgan, issued in January 2013,
directed the bank to strengthen its board oversight of anti-money
laundering compliance and to improve its management of
compliance-related risks.
JPMorgan had a similar order in place with the Office of the
Comptroller of the Currency. That order was lifted in May.
A JPMorgan spokesman declined to comment.
The central bank also lifted an order issued last February
against U.S. Bancorp. The order directed the Minneapolis-based bank
to improve its customer due diligence procedures and strengthen its
board oversight of anti-money laundering controls.
The order was issued alongside criminal charges filed by federal
prosecutors against U.S. Bancorp alleging violations of the Bank
Secrecy Act. The bank agreed to a two-year deferred prosecution
agreement as part of a settlement with the U.S. Justice
Department.
"We're pleased with the Federal Reserve's announcement today and
with the current state of our anti-money laundering compliance
program," Cheryl Leamon, a U.S. Bancorp spokeswoman, said in a
statement.
Write to Kristin Broughton at Kristin.Broughton@wsj.com
(END) Dow Jones Newswires
December 12, 2019 16:50 ET (21:50 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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