Skip to main content

Swiss Person To Keep JPMorgan From Getting Too Swiss Again

How bad was the bank’s little Alpine money-laundering problem? 1MDB bad.
  • Author:
  • Updated:
Deborah Cordwell [CC BY 3.0], via Wikimedia Commons

This guy'll do. Deborah Cordwell [CC BY 3.0], via Wikimedia Commons

Last month, we learned that JPMorgan Chase had managed the near-impossible and run afoul of Swiss banking laws, specifically Switzerland’s not-historically-robust anti-money-laundering rules. How bad was Dimon & co.’s transgression? The Swiss were initially awfully Swiss about things, simply letting the bank know it had “seriously infringed” upon their financial hospitality.

Yesterday, that prognosis was upgraded to “seriously breached.” So seriously that a traditional slap on the wrist will not do. No: The Swiss are gonna get all American up in here and install a monitor to make sure it doesn’t happen again, “it” being the gentle washing of “hundreds of millions of dollars” on behalf of the prime minister of Malaysia, who was in the process of allegedly draining that country’s sovereign wealth fund, 1MDB, of several billion dollars.

According to Finma, JPMorgan’s Swiss unit helped several individuals tap into the fund, transferring “hundreds of millions of dollars” that were meant to be used for 1MDB’s purchase of a company to the personal account of someone tied to a 1MDB business partner. The bank then sent some of the money to another company associated with that person.

“The bank questioned neither the economic purpose of the transactions, the procedure involved, nor the substantial amount that remained in the personal account,” Finma said.

JPMorgan ‘Seriously Breached’ Money-Laundering Rules, Swiss Regulator Says [NYT]


(Getty Images)

Jamie Dimon Is A Pretty Permissive Babysitter, It Turns Out

He really let the kids run wild on their devices without even a glance.

Rep. Blaine Luetkemeyer opening his early Valentine's Day cards from bank lobbyists. (Rep. Blaine Luetkemeyer)

Banks Ask Congress To In-Source Money Laundering So They Don’t Have To

First on the G.O.P.’s banking agenda in 2018: Making sure banks don’t have to spend their tax savings figuring out who the bad guys are.

By Davidfernandocoronel (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Credit Suisse’s Relationship To Cocaine Goes Further Than Most Bankers’ Usually Familiarity With It

The bank helped the Bulgarian mob keep the yayo proceeds flowing cleanly.

Appropriate money-laundering site. Saif Gill [CC BY 3.0], via Wikimedia Commons

If Pakistan’s Largest Bank Wants To Launder Money, It’ll Have To Do So In The Bahamas Or Delaware

New York will not help finance terrorist attacks against itself for more than a couple of years without doing something about it.