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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
