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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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