January 11, 2019 / 10:43 AM / 7 months ago

UPDATE 1-Russia c.bank says issued warning to JPMorgan's subsidiary in Russia

(Adds JPMorgan comment, detail on violation)

MOSCOW, Jan 11 (Reuters) - The Russian central bank has issued a warning to J.P. Morgan Bank International over what the regulator said was a minor violation of Russian rules on countering money-laundering, a central bank document published late on Thursday showed.

The central bank decided to hold J.P. Morgan Bank International, a subsidiary of U.S. investment bank JPMorgan Chase, liable for violating article number 15.27 of Russia’s Administrative Offences Code, the document said.

That article deals with “violation of the legislation on counteracting the legalisation (laundering) of incomes received by way of crime and financing of terrorism,” according to the English translation of the code used by the World Trade Organisation.

An official representative of JPMorgan in Russia confirmed that the bank had received the warning from the central bank.

“In the text of the bank’s internal control rules the regulator (the central bank) has found small technical defects in the content of some rules, which were immediately fixed by the bank,” the representative said.

“Now the rules meet the central bank’s requirements in full,” the representative said.

The maximum fine that a legal entity could face for violating part 1 of article number 15.27 is 100,000 roubles ($1,494), according to ConsultantPlus, a database on Russia’s legal codes.

The central bank told Reuters it had no further comment. ($1 = 66.9310 roubles) (Reporting by Andrey Ostroukh, Elena Fabrichnaya and Tatiana Voronova; Editing by Kirsten Donovan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below