December 21 2017
At the end of June 2017, the Swiss Financial Market Supervisory Authority FINMA concluded enforcement proceedings against J.P. Morgan (Switzerland) Ltd. 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 and one of its business partners.
Enforcement proceedings conducted by FINMA between May 2016 and June 2017 uncovered serious shortcomings in the anti-money laundering controls of J.P. Morgan (Switzerland) Ltd (hereinafter J.P. Morgan) 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.
