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JPMorgan Shuts Down The Account Of The Vatican Bank Due To Lack Of Transparency

JPMorgan Chase's Milan branch is shutting down the Vatican bank's account due to concerns about a lack of transparency, Reuters reported citing Italian newspapers.

The Vatican bank, also known as the Institute for Works of Religion (IOR), is having its account phased out and closed by March 30.  That's because it apparently "failed to provide sufficient information on money transfers," Reuters reported citing media reports.