The Wall Street Journal reported that regulators are expected to serve J.P. Morgan Chase with a formal action alleging weaknesses in the bank’s antimoney-laundering systems, citing people close to the situation.

The article said the cease-and-desist order from the Office of the Comptroller of the Currency is part of a broader crackdown on the nation’s largest banks, citing WSJ’s sources.

To read the full WSJ article click here.