JPMorgan Suisse Gets CHF3M Fine in 1MDB Money Laundering Case

The Office of the Attorney General of Switzerland sentenced JPMorgan Suisse to a fine of CHF3 million for failing to take all reasonable and necessary organizational measures to prevent acts of aggravated money laundering, according to a statement.

• The fund transfers took place between October 2014 and July 2015. The outbound transactions totalled approximately CHF174 million
• The conviction is part of a series of proceedings conducted by prosecutors relating to the embezzlement of assets from the Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB)
• NOTE: Malaysia Has Recovered $7 Billion in Funds Linked to 1MDB
• NOTE: Standard Chartered Faces ...