Zurich - Arab Today
JP Morgan'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.
Source:AFP