Chase Revamps Cash Deposit Rules to Ease Money-Laundering Risks


In a bid to close potential money laundering loopholes, JPMorgan Chase tells FOX Business it is set to roll out a new policy that requires customers who want to make a cash deposit to show identification and be listed on the actual account.

It is believed that the New York-based financial giant would be the first big bank to enact such a change…

Chase tellers are expected to begin asking customers for ID when making cash deposits on February 1, but the policy is not expected to be strictly enforced until March 3, Chase told FOX Business.

The policy change only impacts cash deposits on consumer and business accounts and will not affect personal check or money order deposits. It also excludes investment, Treasury and commercial accounts.

Small businesses that use employees to make cash deposits will still be allowed to do so, but these so-called “runners” will need to provide ID.

Detailed news link at FoxBusiness: click here