JPMorgan Reprimanded by Swiss in 1MDB Money-Laundering Case
- Swiss regulator says bank didn’t properly see laundering risks
- Monitor appointed by Finma for on-site review of controls
Photographer: Michael Nagle/Bloomberg
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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.