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JPMorgan seriously breached anti-money laundering regulations: Switzerland

Malaysian Prime Minister Najib Razak, who chaired 1MDB's advisory board, has denied any wrongdoing

Reuters  |  Zurich 

Swiss financial watchdog FINMA said on Thursday the Swiss subsidiary of US bank JPMorgan had committed serious anti-money laundering breaches in relation to Malaysian sovereign wealth fund 1MDB. The case adds to the political storm that has raged for more than two years over the scandal at 1Malaysia Development Berhad (1MDB), the focus of money-laundering investigations in at least six countries including Singapore, Switzerland and the United States. Malaysian Prime Minister Najib Razak, who chaired 1MDB's advisory board, has denied any wrongdoing. The case has already ...

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First Published: Thu, December 21 2017. 22:55 IST
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