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U.S. Regulator To Fault JPMorgan Chase Over Bernie Madoff Dealings: Report

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, according to a person familiar with the matter. The Office of the Comptroller of the Currency is expected to issue a cease-and-desist order against JPMorgan, which will require the largest 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. More in the Huffington Post here.

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