Two years ago, JPMorgan Chase’s money-laundering operations received the most fulsome compliment imaginable, a slap on the wrist from the Swiss authorities. Now, however, that proud and august banking legacy has been reined in.
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…. JPMorgan had a similar order in place with the Office of the Comptroller of the Currency. That order was lifted in May.