JPMorgan Reprimanded by Swiss in 1MDB Money-Laundering Case

Switzerland’s financial regulator will conduct a detailed review of JPMorgan Chase & Co.’s anti-money laundering controls after finding the bank seriously breached regulations in its dealings with Malaysian sovereign wealth fund 1MDB.

The regulator, which undertook enforcement proceedings between May 2016 and June 2017, uncovered “serious shortcomings” in connection with relationships and transactions associated with 1MDB, though stopped short of fining the U.S. bank, the Swiss organization known as Finma said in a statement Thursday.

https://www.bloomberg.com/news/articles/2017-12-21/jpmorgan-controls-faulted-by-swiss-in-1mdb-money-laundering-case

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