Daily Archives: December 22, 2017

Exclusive: Bank of America Merrill Lynch to pay $26 million for allegedly failing to report suspicious transactions

NEW YORK (TR Regulatory Intelligence) – Wall Street regulators later Thursday or early next week are expected to fine Bank of America Merrill Lynch (BAC.N) a total of $26 million over alleged failures to report suspicious transactions, two sources familiar with the matter said.

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JPMorgan Reprimanded by Swiss in 1MDB Money-Laundering Case

Switzerland’s financial regulator will conduct a detailed review of JPMorgan Chase & Co.’s anti-money laundering controls after finding the bank seriously breached regulations in its dealings with Malaysian sovereign wealth fund 1MDB.

The regulator, which undertook enforcement proceedings between May 2016 and June 2017, uncovered “serious shortcomings” in connection with relationships and transactions associated with 1MDB, though stopped short of fining the U.S. bank, the Swiss organization known as Finma said in a statement Thursday.

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