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J.P. Morgan in money-transaction probe

Manhattan District Attorney Robert Morgenthau has asked banking regulators to examine documents to establish if J.P. Morgan Chase & Co or its predecessor banks violated "know your customer" rules, according to a story in the Wall Street Journal on Tuesday.
/ Source: Reuters

Manhattan District Attorney Robert Morgenthau has asked banking regulators to examine documents to establish if J.P. Morgan Chase & Co or its predecessor banks violated "know your customer" rules, according to a story in the Wall Street Journal on Tuesday.

Citing Morgenthau, the story said he asked the New York State Banking Department and the Federal Reserve Bank of New York to look at the papers, following an investigation of unlicensed money-moving operation Beacon Hill Service Corp., which was charged last year with illegally making billions of dollars of offshore transactions.

The U.S. law regulating homeland security has imposed new rules on banks to stop the laundering of money and financing of attacks since September 11.