Report: JP Morgan In Money Laundering Probe, Opposed Reform

JP Morgan Chase is being reviewed by financial regulators for possible money laundering, according to a New York Times report.

The Office of the Comptroller of the Currency is apparently probing JP Morgan’s systems in place to prevent transactions by drug dealers and countries prohibited from making certain financial moves.

When President Obama and congressional Democrats proposed regulations to reform the financial industry, JP Morgan lobbied congress against them. JP Morgan CEO Jamie Dimon has repeatedly spoken out against financial reforms that would place limits on the industry.

JP Morgan was recently in the news for a multi-billion loss at one of its trading units.