Hong Kong Monetary Authority fined the local unit of JPMorgan Chase $1.6m for failing to meet anti-money laundering and counter-terrorist financing laws.
JPMorgan Hong Kong violated six provisions of the rules between April 2012 and February 2014, the HKMA said in a statement Friday.
In the meantime, Bloomberg also reports that Wells Fargo will pay $575 million to settle state-level claims over sales practices, marking the latest cost in the fallout from a series of scandals that erupted at the bank more than two years ago.
The settlement with 50 states and the District of Columbia announced Friday resolves state investigations into Wells Fargo’s practices from 2002 to 2017. The practices, which have previously been disclosed, include opening bogus accounts, charging improper mortgage rate-lock extension fees and forcing insurance policies on auto-lending customers.
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