23.7 C
Lagos

JPMorgan ‘seriously breached anti-money laundering regulations’

Must Read

BBNaija 2020: Laycon wins

BBNaija 2020: Laycon wins Olamilekan Agbeleshe, Laycon Popularly has emerged winner of the Big Brother Naija Season...

BBNaija 2020: Neo Evicted From Big Brother House

Neo has just been evicted from the bigbrother naija house Neo is ...

BBNaija 2020: Vee Evicted From Big Brother House

Vee has just been evicted from the bigbrother naija house vee is ...

JP Morgan Chase’s Swiss unit “seriously breached anti-money laundering regulations” in its dealings with Malaysian sovereign wealth fund 1MDB, the Swiss financial markets watchdog found Thursday.

The US bank’s subsidiary “failed to adequately identify the increased money laundering risks in some of the business relationships related to this case”, the FINMA body said, referring to a money-laundering scandal that has shaken the Malaysian political establishment.

“The 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,” FINMA said in a statement.

Despite its 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.

The scandal has rocked the administration of Malaysian Prime Minister Najib Razak, the founder of 1MDB, who must call elections by mid-2018. He has responded by purging critics from his government and curbing 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.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

BBNaija 2020: Laycon wins

BBNaija 2020: Laycon wins Olamilekan Agbeleshe, Laycon Popularly has emerged winner of the Big Brother Naija Season...

BBNaija 2020: Neo Evicted From Big Brother House

Neo has just been evicted from the bigbrother naija house Neo is the second housemate to be...

BBNaija 2020: Vee Evicted From Big Brother House

Vee has just been evicted from the bigbrother naija house vee is the first housemate to be...

Premier League: British Minister Seeks Financial Aid To Small Clubs

The British minister with responsibility for sport has urged the Premier League to give financial support to cash-strapped Football League clubs in...

Ondo 2020: Sensitive materials to arrive Akure Oct. 5 – INEC

The Chairman of the Independent National Electoral Commission, Mahmood Yakubu, says sensitive materials to be used in the conduct of the Ondo...
- Advertisement -

More Articles Like This

- Advertisement -