FINMA proceedings concluded: serious breach of anti-money laundering regulations in 1MDB-related relationships
FINMA concluded at the end of June 2017 (published 21 December 2017) that J.P. Morgan (Switzerland) Ltd seriously breached anti-money laundering regulations in relationships and transactions linked to 1MDB booked in Switzerland, including crediting hundreds of millions of US dollars from 1MDB to a personal account without adequate questioning. FINMA appointed a monitor to review controls with a focus on high-risk transactions and referred the case to the US OCC. No fine, no business restriction and no proceedings against individuals, citing good cooperation. The ruling was not appealed.
FINMA's ruling, which has not been appealed, is final and binding.
FINMA-appointed monitor to review and continuously oversee the bank's AML controls.