Report: US banks subject of money-laundering inquiry

NEW YORK (AP) -- Regulators are investigating whether several major U.S. banks failed to monitor transactions properly, allowing criminals to launder money, according to a New York Times story. The newspaper cited officials who it said spoke on the condition of anonymity.

The Office of the Comptroller of the Currency, the federal agency that oversees the biggest banks, is leading the money-laundering investigation, according to the Times. The report said the OCC could soon take action against JPMorgan Chase & Co., and that it is also investigating Bank of America Corp. Money laundering allows people to make money -- often obtained illegally -- appear like it came from another source.

The OCC didn't immediately comment. JPMorgan and Bank of America declined to comment.