Jan. 17, 2013 – JPMorgan Chase is required to repair deficiencies in its Bank Secrecy Act/anti-money laundering compliance program over the next few months under consent cease-and-desist orders published this week by the Federal Reserve Board and Office of the Comptroller of the Currency.
The OCC and Fed orders, which affect the bank and its subsidiaries, touch on most areas of BSA/AML compliance, including suspicious activity reporting, transaction monitoring, customer due diligence and risk assessment, internal controls and independent testing. A second order from the Fed addresses the bank’s finance and internal audit functions.
These agreements do not address the imposition of any fines, though fines can be steep. A detailed look at three banks recently fined for BSA deficiencies is provided in NAFCU’s January BSA Blast newsletter.
NAFCU offers an online training program that includes two BSA modules for board members. BSA sessions are also included in various conferences throughout the year.