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JPMorgan Faces U.S. Action on Antimoney-Laundering Practices

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Regulators are expected to serve JPMorgan Chase & Co. with a formal action alleging weaknesses in the bank's antimoney-laundering systems, the Wall Street Journal reported today. The cease-and-desist order from the Office of the Comptroller of the Currency is part of a broader crackdown on the nation's largest banks. The OCC is expected to require JPMorgan to beef up its procedures and examine past transactions.