by 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
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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.