JP Morgan Chase & Co. (JPM) had reviewed its correspondent banking unit. JPM had not taken any new business from overseas lenders after antitrust regulators found deficiencies in its anti-money laundering procedures.

Last week, the bank said in a memo that its treasury services unit would not accept new clients or businesses from existing customers. JPM clients had used the bank to process their transactions, said Brian Marchiony, a spokesman for JP Morgan. The halt would allow JP Morgan to review its existing client relationships, he added. Earlier today, The Wall Street Journal reported the said memo.

In January, The Office of the Comptroller of the Currency issued a consent order with JP Morgan. This was after the Office found out that the bank had an inadequate system of internal controls and independent testing to comply with the anti-money laundering policy. The Office added that the banking firm had failed to identify volumes of suspicious activities. The consent order also signaled an alert with antitrust regulators.