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ARTICLE · 14 FEBRUARY 2013

Compliance

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

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The US Federal Reserve and the Office of the Comptroller of the Currency have taken official enforcement actions against JP Morgan Chase.

WorldwideFinance and Banking
Patrick Ploeger
Patrick Ploeger
Marnix Somsen
Marnix Somsen
Roan Lamp
Roan Lamp
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JP Morgan targeted by US regulators for lapses in risk management

The US Federal Reserve and the Office of the Comptroller of the Currency have taken official enforcement actions against JP Morgan Chase. These actions target lapses in risk management at the US banking giant as well as money laundering controls. The Federal Reserve required the board of JP Morgan to submit a plan within 60 days that targets the improvement of risk management at the bank. The Office of the Comptroller required the board to appoint a compliance committee which will have the task of investigating how risk management can be improved. The enforcement actions are related to the USD 5.8 billion trading loss in derivatives that JP Morgan suffered last year.

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