US money laundering probe-India News and Travel Times Provides India-centric and other News and Features

Several American banks are being investigated for failing to monitor transactions properly and allowing criminals to launder money. According to the New York Times and CBS News, the Office of the Comptroller of the Currency, the federal agency that oversees the biggest banks, is leading the money-laundering investigation. The OCC is expected to take action against banks such as JP Morgan Chase and Co. and the Bank of America Corp. Neither the OCC nor J P Morgan or the Bank of America offered to comment on this development, even as the American financial industry is struggling to mend its public image. According to the New York Times, the Justice Department and the Manhattan district attorney's office are involved in the probe.

Probe into money-laundering charges against US banks