JPMorgan, Deutsche Bank and Wells Fargo have been asked by U.S. authorities to retain and turn over records that may be related to improper transfers from an embattled Malaysian state fund, according to people familiar with the matter.
Bloomberg News reports that the banks aren’t targets of the investigation and haven’t been accused by authorities of wrongdoing. As some of the biggest conduits of the global financial system, they join other institutions that have said they’re working with U.S. officials examining moneyflows connected with 1Malaysia Development Bhd., known as 1MDB.
Goldman Sachs, which underwrote $6.5bn in bond deals for 1MDB, is cooperating with Justice Department efforts to gather information, people familiar with the matter have said, adding there’s no indication Goldman engaged in any wrongdoing. The bank declined to comment.
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