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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
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Rapid Response Team: 0800 559 3500
Switchboard: +44 (0)203 947 1539
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SWISS SAY JP MORGAN BROKE MONEY LAUNDERING RULES

Author: Nicola Sharp  22 November 2017

Posted in : Anti-Money Laundering .

Switzerland’s financial markets authority FINMA has found that JP Morgan’s Swiss subsidiary broke anti-money laundering rules.

A ruling has found that JPMorgan Switzerland had "seriously infringed" regulations and that there had been a "violation of obligations of diligence on questions of money-laundering."

Both FINMA and JP Morgan declined to comment on the ruling. Neither has disclosed what action, if any, has been taken against the bank.

FINMA is not authorised to levy fines. But it can confiscate the proceeds of crime, impose restrictions on bankers and order an organisation to introduce workplace changes to prevent further problems.

With money laundering coming under more scrutiny than ever around the globe, the JP Morgan case is just another example of how everyone has to make the effort to make sure they are legally compliant. Otherwise, the outcome will prove costly.

Read our article: MAKING SURE YOU DO ENOUGH TO PREVENT MONEY LAUNDERING

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Nicola Sharp

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Nicola is known for her fraud, civil recovery, arbitration and business crime expertise, her experience of leading the largest financial disputes and multinational investigations and her skills in devising preventative measures and conducting internal investigations for corporates.

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