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1MDB case
The case
JP Morgan Suisse was convicted by summary penalty order.
Source: news.admin.ch
The commentary
At the conclusion of criminal proceedings initiated in November 2022, the Office of the Attorney General of Switzerland (OAG) issued a summary penalty order and partial abandonment of the proceedings. The OAG sentenced JP Morgan (Suisse) SA (JP Morgan Suisse) to a fine of CHF 3 million for failing to take all reasonable and necessary organisational measures to prevent acts of aggravated money laundering. The fund transfers took place between October 2014 and July 2015. The outbound transactions totalled approximately CHF 174 million. For more see link
The parties declared that they will not appeal the order, which, as a result, enters into force. Link (French)
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