Money Laundering Probe Sets Sights On JPMorgan Chase, Bank Of America: Report

Money Laundering Probe Targets JPMorgan, BofA: Report
NEW YORK, NY - JULY 13: A policeman stands outside JPMorgan Chase bank on Park Avenue in midtown Manhattan on July 13, 2012 in New York City. The bank, which reported its second-quarter results on Friday, disclosed that the losses on a credit bet could mount to more than $7 billion, as the nation’s largest bank indicated that traders may have intentionally tried to conceal the extent of the loss. JPMorgan also said Friday that it would be forced to restate its first-quarter results. (Photo by John Moore/Getty Images)
NEW YORK, NY - JULY 13: A policeman stands outside JPMorgan Chase bank on Park Avenue in midtown Manhattan on July 13, 2012 in New York City. The bank, which reported its second-quarter results on Friday, disclosed that the losses on a credit bet could mount to more than $7 billion, as the nation’s largest bank indicated that traders may have intentionally tried to conceal the extent of the loss. JPMorgan also said Friday that it would be forced to restate its first-quarter results. (Photo by John Moore/Getty Images)

Federal and state authorities are investigating a handful of major American banks for failing to monitor cash transactions in and out of their branches, a lapse that may have enabled drug dealers and terrorists to launder tainted money, according to officials who spoke on the condition of anonymity.

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