Regulators may be about to crack down on some of the nation's biggest banks for failing to monitor possible unlawful cash transactions.
The Office of the Comptroller of the Currency is close to taking action against JPMorgan Chase (JPM) for maintaining insufficient safeguards to prevent drug dealers and terrorists from laundering money, The New York Times
The agency also reportedly is scrutinizing Bank of America (BAC). Both the Justice Department and the Manhattan district attorney's office are said to be examining several other U.S. financial institutions as well.
The stepped-up scrutiny follows recent high-profile money-laundering cases against two British banks.
In August, U.K.-based Standard Chartered (STAN)
In July, HSBC Holdings (HBC) set aside $700 million to cover the cost of any fines by U.S. regulators following a U.S. Senate probe that accused the the bank of laundering money for clients in Iran, Syria and other countries.
Last year, JPMorgan Chase