December 21, 2017 / 9:45 AM / 9 months ago

JPMorgan breached anti-money laundering rules in 1MDB case - Swiss

ZURICH, Dec 21 (Reuters) - Swiss financial watchdog FINMA said on Friday the Swiss subsidiary of JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB.

“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 in connection with business relationships and transactions associated with the allegedly corrupt Malaysian sovereign wealth fund 1MDB,” FINMA said in a statement.

The ruling, which imposed a monitor on the bank but did not involve any monetary penalties or business restrictions, had not been appealed and was final, FINMA said. JPMorgan had no immediate comment.

FINMA said one of a total of seven enforcement proceedings it had brought against financial groups in relation to 1MDB remained open. (Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields)

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