By Kristin Broughton 

The Federal Reserve on Thursday lifted consent orders against JPMorgan Chase & Co. and U.S Bancorp stemming from what the central bank identified as weak anti-money laundering controls.

The Fed's order against JPMorgan, issued in January 2013, directed the bank to strengthen its board oversight of anti-money laundering compliance and to improve its management of compliance-related risks.

JPMorgan had a similar order in place with the Office of the Comptroller of the Currency. That order was lifted in May.

A JPMorgan spokesman declined to comment.

The central bank also lifted an order issued last February against U.S. Bancorp. The order directed the Minneapolis-based bank to improve its customer due diligence procedures and strengthen its board oversight of anti-money laundering controls.

The order was issued alongside criminal charges filed by federal prosecutors against U.S. Bancorp alleging violations of the Bank Secrecy Act. The bank agreed to a two-year deferred prosecution agreement as part of a settlement with the U.S. Justice Department.

"We're pleased with the Federal Reserve's announcement today and with the current state of our anti-money laundering compliance program," Cheryl Leamon, a U.S. Bancorp spokeswoman, said in a statement.

Write to Kristin Broughton at Kristin.Broughton@wsj.com

 

(END) Dow Jones Newswires

December 12, 2019 16:50 ET (21:50 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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