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Swiss regulator: J.P. Morgan seriously breached AML regulations

Jaclyn Jaeger | December 26, 2017
The Swiss Financial Market Supervisory Authority, FINMA, concluded its enforcement proceedings against J.P. Morgan (Switzerland), saying the bank "seriously breached" anti-money laundering regulations by failing to screen adequately transactions and business relationships booked in Switzerland associated with the Malaysian sovereign wealth fund 1MDB.

FINMA said that enforcement proceedings it conducted between May 2016 and June 2017 uncovered serious shortcomings in the anti-money laundering controls of J.P. Morgan (Switzerland) in connection with business relationships and transactions associated with the allegedly corrupt Malaysian sovereign wealth fund 1MDB. FINMA’s ruling, which has not been appealed, is final and binding.

J.P. Morgan failed to adequately identify the increased money laundering risks in some of the business relationships related to this case. In other relationships, while the bank correctly identified the clients as politically exposed persons...

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