January 11, 2019 / 7:50 AM / 2 months ago

Russia c.bank says issued warning to JPMorgan's subsidiary in Russia

MOSCOW, Jan 11 (Reuters) - The Russian central bank has issued a warning to J.P. Morgan Bank International over what the regulator said was a minor violation of Russian rules on countering money-laundering, a central bank document published late on Thursday showed.

The central bank decided to hold J.P. Morgan Bank International, a subsidiary of U.S. investment bank JPMorgan Chase, liable for violating article number 15.27 of Russia’s Administrative Offences Code, the document said.

That article deals with “violation of the legislation on counteracting the legalisation (laundering) of incomes received by way of crime and financing of terrorism,” according to the English translation of the code used by the World Trade Organisation.

JP Morgan’s Russian operation did not immediately respond to a Reuters request for comment. The central bank told Reuters it had no further comment.

The head of JPMorgan’s press office in Russia, Natalia Schetinina, was quoted as telling Russia’s RBC newspaper that the central bank had not found any serious violations.

“Those were purely technical defects,” Schetinina was quoted as saying, adding that JPMorgan has immediately fixed them to meet Russia’s requirements. (Reporting by Andrey Ostroukh, Elena Fabrichnaya and Tatiana Voronova; Editing by Kirsten Donovan )

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