jpmorgan broke antimoney laundering
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

In 1MDB Deals

JPMorgan broke anti-money laundering

Egypt Today, egypt today

Egypt Today, egypt today JPMorgan broke anti-money laundering

JP Morgan Chase
Zurich - Egypt Today
JP Morgan Chase's Swiss unit committed serious breaches of anti-money laundering regulations in its dealings with Malaysian sovereign wealth fund 1MDB, the Swiss financial markets watchdog found Thursday, but no fines or other sanctions were imposed.

The regulator, FINMA, said the subsidiary of the US 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."

The scandal surrounding the Malaysian state fund 1Malaysia Development Berhad (1MDB) has rocked the administration of Malaysian Prime Minister Najib Razak.

Najib, who founded 1MDB in 2009, has battled allegations that billions were looted from the investment vehicle in a vast campaign of fraud and embezzlement stretching from the Middle East to the Caymans.

FINMA said the US bank's Swiss subsidiary "failed to adequately identify the increased money laundering risks in some of the business relationships related to this case".

Despite the findings, FINMA said it would not seek legal proceedings against any individuals and there would be no fines against JP Morgan.

The US Justice Department alleges in civil lawsuits that $4.5 billion was looted from 1MDB in an audacious campaign of fraud and money-laundering.

Najib and the fund deny any wrongdoing. However, Najib, who must called elections by mid-2018, has purged critics from his government and curbed domestic investigations.

Celebrities have been sucked into the scandal, with the Justice Department alleging stolen 1MDB money was used to buy jewelry worth millions of dollars for Miranda Kerr as well as gifts for Leonardo DiCaprio.

Authorities in several countries as still investigating the complex deals involving the Malaysian fund and other entities.

In April 2016 1MDB defaulted on $1.75 billion in bonds after missing an interest payment of $50 million.

While JP Morgan Chase's Swiss unit has escaped fines, FINMA said Thursday it will now conduct an in-depth review of the bank's anti-money laundering systems.

JP Morgan noted that the investigation found nothing illegal, and that its findings called for neither penalties nor business restrictions.

"The resolution announced by FINMA relates to matters that took place many years ago in the Swiss Private Bank, and since that time we have increased training, added staff and made improvements in monitoring and surveillance," the bank said in a statement sent to AFP.

FINMA said JP Morgan had "displayed good cooperation" with investigators during the probe.

It has taken action against other lenders implicated in dealings with 1MDB, including ordering last year the dissolution of the BSI bank, citing "serious breaches" of money-laundering regulations in its dealings with 1MDB.

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

jpmorgan broke antimoney laundering jpmorgan broke antimoney laundering



GMT 06:29 2011 Monday ,14 November

Matthew cruises to win at Ochoa Invitational

GMT 03:34 2017 Wednesday ,22 March

Tillerson to skip NATO meeting next month

GMT 13:44 2013 Friday ,15 March

Israel suppress Palestinian demonstrations

GMT 16:15 2017 Monday ,01 May

Moroccan Workers’ Syndicate

GMT 11:56 2016 Wednesday ,12 October

Toyota, Suzuki eye partnership as industry consolidates

GMT 15:42 2011 Thursday ,23 June

Express checks in with foursquare

GMT 10:49 2017 Sunday ,13 August

Car rams into crowd at violent Virginia rally

GMT 17:45 2013 Sunday ,20 October

5 Indian spices that are good for your health

GMT 08:41 2012 Saturday ,15 September

Italian magazine: will print Kate topless snaps

GMT 08:02 2012 Tuesday ,05 June

Zoe Saldana in Prabal Gurung

GMT 06:11 2012 Saturday ,15 September

Tunisia’s Media Conflict: Journalists fight for freedom

GMT 14:35 2015 Friday ,24 July

Awqaf Minister hails New Suez Canal project

GMT 16:34 2017 Thursday ,28 December

Hitler's Nazi-parade Mercedes set

GMT 11:22 2011 Monday ,10 October

Paul McCartney to play in Moscow in December

GMT 05:17 2015 Friday ,25 September

Pope expresses solidarity with Muslims after stampede

GMT 05:44 2012 Saturday ,21 April

ATV engine 95 HP

GMT 03:01 2011 Monday ,19 September

Laughter, tears at US television\'s Emmy awards

GMT 12:04 2012 Wednesday ,07 March

6 Music animation draws on 10 years of eclectic radio

GMT 01:00 2015 Sunday ,05 April

Barzani congratulates Abadi on Tikrit victory

GMT 13:24 2015 Thursday ,15 October

Tesla installs 'autopilot' update

GMT 06:17 2012 Monday ,02 January

Countries across the world celebrate the New Year

GMT 04:07 2016 Tuesday ,07 June

For new era of self-driving cars

GMT 08:21 2017 Saturday ,23 December

Saudi-Sudanese Deal to Ease Transfers

GMT 11:08 2017 Thursday ,21 December

Asian markets mostly down as tax cut euphoria wanes
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday