In a shocking discovery, Swiss financial markets authority FINMA has discovered that the Swiss subsidiary of U.S. investment bank JPMorgan broke anti-money laundering rules.
Serious infringements:
According to Swiss court documents, JPMorgan Switzerland had committed serious infringement of regulatory oversight provisions.
On November 8, the Federal Administrative Court indicates the case involved a violation of obligations of diligence on questions of money laundering.
No fines levied as of now:
It is expected that the Swiss organization may confiscate unlawfully realized gains, impose professional limitations on bankers to prevent similar breaches recurring. Depending on the severity of the crime, it may revoke an institution’s banking licenses.
Statement released:
A JPMorgan spokespersons said,“There is nothing more important to us than the safety and soundness of the global monetary system. In support of that, we have made and continue to make significant enhancements to the firm’s AML (anti-money laundering) program to ensure we are meeting regulatory expectations. Because this FINMA resolution from June 2017 is not public, we cannot provide further details.”
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Source: Reuters
