New York/Kuala Lumpur – JPMorgan Chase & Co has agreed to pay US$330 million (RM1.4 billion) to Malaysia to settle all current and potential claims linked to the 1Malaysia Development Bhd (1MDB) scandal, one of the world’s largest financial frauds.

The settlement, announced on Tuesday, will see the funds transferred to Malaysia’s Assets Recovery Trust Account. JPMorgan said the agreement was made “without admission of liability.”

Separately, Switzerland’s Attorney General fined JPMorgan’s Swiss unit CHF3 million (US$3.7 million) for failing to prevent aggravated money laundering. Authorities said the penalty was connected to 34 cross-border transactions worth CHF174 million conducted between October 2014 and July 2015.

The 1MDB scandal, in which more than US$4 billion was allegedly misappropriated, triggered investigations across multiple jurisdictions. The fallout has led to jail sentences for former Goldman Sachs bankers and a former Malaysian prime minister. Fugitive financier Low Taek Jho, better known as Jho Low, remains at large.

In a statement, JPMorgan said it welcomed the conclusion of the case: “We appreciate the collaboration with the Malaysian Government in resolving past matters related to 1MDB, which have been thoroughly reviewed. Since then, we’ve strengthened our controls.”