JPMorgan Chase will pay the Malaysian government $330 million to settle its involvement in the 1MDB scandal. Swiss authorities separately fined the bank for failing to prevent money laundering related to the state fund. At least $4.5 billion was stolen from 1MDB between 2009 and 2014 in a global scheme.

1MDB sued JPMorgan, Deutsche Bank, and Coutts & Co in 2021 seeking $800 million in losses. JPMorgan will contribute the settlement payment to the government’s 1MDB Assets Recovery Trust Account without admitting liability. The agreement resolves all existing claims and prevents future litigations regarding 1MDB.

Swiss authorities fined JPMorgan’s Swiss unit $3.71 million for failing to prevent money laundering in its 1MDB dealings. This was part of an investigation into the bank’s connections with two executives convicted of embezzling over $1.8 billion from 1MDB. JPMorgan expressed satisfaction in resolving issues with the Malaysian government and enhancing controls.

Former Malaysian Prime Minister Najib Razak was jailed in 2022 for 1MDB-linked corruption and money laundering. The scandal has implicated high-level officials and institutions worldwide. Malaysia’s finance ministry has recovered $7.03 billion linked to 1MDB and SRC International through settlement agreements with entities like Goldman Sachs and Deloitte.

Read more at Yahoo Finance: JPMorgan agrees to pay Malaysia $330 million to settle 1MDB claims