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U.S. Regulator To Fault JPMorgan Chase & Co Over Madoff Accounts-Reuters


Monday, 15 Apr 2013 05:03pm EDT 

Reuters reported that U.S. regulators plan to fault JPMorgan Chase & Co which served as Bernie Madoff's main bank for two decades, for failing to conduct adequate due diligence and report suspicious activity. The Office of the Comptroller of the Currency is expected to issue a cease-and-desist order against JPMorgan, which will require the U.S. bank to put an end to the alleged failures in its anti-money laundering practices. The timing of the order is uncertain but could come later this year, the source said. A fine is not expected. If the OCC is not satisfied with JPMorgan's response, it can take harsher action against the bank, including financial penalties. OCC spokesman Bryan Hubbard declined comment, as did JPMorgan spokeswoman Jennifer Zuccarelli. 

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