U.S. banking giant JPMorgan Chase is hiring anti-money laundering professionals and investing in electronic systems in an effort to patch holes in its compliance program cited by regulators in a cease-and-desist order issued earlier this month, sources familiar with the effort said.
Under the leadership of Pamela Johnson, who recently was brought in from rival Citigroup to head JPMorgan's global financial crimes compliance team, JPMorgan is hiring a mix of full- and part- time employees as well as consultants.
In a reshuffling of top anti-laundering professionals common to the industry, Johnson, a former regulatory official, replaced former Treasury official William Langford, who now is at Citigroup. Last April, regulators faulted Citigroup for purported anti-money laundering weaknesses of its own.
JPMorgan's new hires, some of who will be employed on a temporary basis, may for a time treble the size of the roughly 200-person global team JPM had in place prior to the January order
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