Fletcher ran the so-called Sons and Daughters program in which JPM offered internships and other job opportunities to the children of foreign government officials and existing or potential clients in order to win business. The Federal Reserve has permanently barred Timothy Fletcher, a former JPMorgan Chase managing director, from the banking industry for his involvement in a referral hiring program the Fed says violated U.S. The bank, a unit of Mitsubishi UFJ Financial Group, Japan’s largest bank, wasn’t fined but was required “to develop a remediation plan and ensure that it has qualified compliance officers on staff at its branches to conduct regular audits and risk assessments.” Wall Street Journal, Financial Times, American Banker Wall Street Journal “The OCC said the branches failed to file reports on suspicious customer activity in a timely manner and that there were ‘systemic deficiencies’ in how the branches monitored high-risk transactions and correspondent accounts for foreign financial institutions,” the Wall Street Journal says. The Office of the Comptroller of the Currency ordered the New York, Chicago and Los Angeles branches of MUFG Bank to strengthen their anti-money laundering controls.