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Press TV – US bank JPMorgan linked to Malaysia money laundering

Summary:
The Swiss division of J.P. Morgan "seriously breached" anti-money laundering rules relating to the Malaysian sovereign wealth fund 1MDB, Switzerland's financial market regulator said Thursday. The agency, FINMA, said the Wall Street bank's local unit had "failed to adequately identify" increased money-laundering risks linked to the "allegedly corrupt" sovereign wealth fund at the center of a massive embezzlement scandal. FINMA said it concluded enforcement proceedings against J.P. Morgan in June, and was not imposing any penalties — in a possible sign that any profits gained by the bank in the alleged breaches were not significant. J.P. Morgan was the seventh case in the Swiss regulator's investigation of 1MDB, or 1Malaysia Development Bhd. FINMA spokesman Vinzenz Mathys declined to

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The Swiss division of J.P. Morgan "seriously breached" anti-money laundering rules relating to the Malaysian sovereign wealth fund 1MDB, Switzerland's financial market regulator said Thursday.
The agency, FINMA, said the Wall Street bank's local unit had "failed to adequately identify" increased money-laundering risks linked to the "allegedly corrupt" sovereign wealth fund at the center of a massive embezzlement scandal.
FINMA said it concluded enforcement proceedings against J.P. Morgan in June, and was not imposing any penalties — in a possible sign that any profits gained by the bank in the alleged breaches were not significant.
J.P. Morgan was the seventh case in the Swiss regulator's investigation of 1MDB, or 1Malaysia Development Bhd.
FINMA spokesman Vinzenz Mathys declined to identify any institution involved.
Investigators in Singapore, Switzerland, Hong Kong and the United States have been probing allegations that people close to Malaysian Prime Minister Najib Razak stole more than $1 billion from the fund.
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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