The Swiss subsidiary of the major US bank JP Morgan has seriously violated the supervisory law and has been sanctioned accordingly by the Financial Market Authority Finma, as research by the “Handelszeitung” show. It is about breaches of due diligence in connection with applicable money laundering standards. The decision of the Financial Market Authority Finma was issued on 30 June 2017 and should be published in the following week.
Against the communication of the Finma decision, the foreign bank based in Geneva legally defended itself. Now the Federal Administrative Court has dismissed the appeal against the publication. JP Morgan Switzerland can pass the BVG judgment in federal court. The Finma did not want to comment on the case.