January 14, 2013 / 9:20 PM / in 5 years

JPMorgan ordered to improve controls after "Whale" loss

WASHINGTON, Jan 14 (Reuters) - U.S. banking regulators on Monday ordered JPMorgan Chase & Co to tighten its controls over the risk of trading losses and comply more closely with measures aimed against money-laundering by bank customers.

The Federal Reserve and the Office of the Comptroller of the Currency issued consent orders against the bank after JPMorgan disclosed significant losses generated by the so-called “London Whale” trader last year.

Regulators also ordered the bank to improve its compliance with the Bank Secrecy Act and anti-money laundering requirements.

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