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JPMorgan Chase told to fix policies over $6B loss

6:28 PM, Jan. 15, 2013  |  Comments
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JPMorgan told to fix controls tied to $6B loss

JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion.

Federal regulators are also citing the nation's largest bank for lapses in control that allowed the bank to be used for money laundering.

JPMorgan will not pay a fine under the agreements with the Federal Reserve and the U.S. Comptroller of the Currency, a Treasury Department agency. JPMorgan promised to strengthen its policies and procedures to control risk and to screen customers to prevent money laundering.

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