International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Tuesday, February 17, 2015

JPMorgan's new approach to probing suspect transactions sparks internal friction

FINCENReuters reports that ... former U.S. Department of Homeland Security investigations official Jerry Robinette, quit last July, saying in a resignation letter to JPMorgan that he had done so to "protect my professional reputation." He warned that the bank may be failing to satisfy regulators and sent a copy of the letter to the Office of the Comptroller of the Currency (OCC), the lead regulator for JPMorgan's consumer and commercial bank. ... 

... At least 30 of around 50 managers of the bank's anti-money laundering investigations group have left in the past year or are due to leave, according to the three who have left and a Reuters analysis of various documents, including LinkedIn profiles. 

... JPMorgan officials say the bank has greatly improved the quality of its AML program, increasing staff by 300 percent, consolidating 15 offices into three in Delaware, New York and Texas, and overhauling its processes and technology. It also hired Pamela Dearden from Citigroup to serve as managing director of financial crimes compliance. ...

read the full investigative report at Reuters

https://lawprofessors.typepad.com/intfinlaw/2015/02/jpmorgans-new-approach-to-probing-suspect-transactions-sparks-internal-friction.html

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