Don’t trust before you verify. While advisors feel good any time a prospective client walks through the door, a small fraction of potential customers may have earned their money illegitimately. Some may be trying to launder proceeds from criminal enterprises such as drug-trafficking and racketeering, and the Bank Secrecy Act requires many wealth managers to set up procedures to detect such transactions and, potentially, to alert law enforcement. Bad actors “are definitely finding better ways to navigate ...

Key Takeaways JPMorgan agreed to pay $330M to resolve 1MDB-related allegations tied to money laundering.The penalty involves $217.4M in transfers handled in Switzerland between 2014 and 2015.The payout goes to Malaysia's Assets Recovery Trust Account, with all appeals withdrawn.JPMorgan (JPM) has agreed to pay $330 million to settle ongoing and potential claims associated with the 1MDB sovereign wealth fund.The settlement was announced as Swiss regulators, in a separate action, found the U.S. bank guilty an ...