US banks told to turn over 1MDB-linked data

New York

JPMORGAN Chase, Deutsche Bank and Wells Fargo have been asked by US 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.

The banks aren't targets of the investigation and haven't been accused by the 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 US officials examining money flows connected with 1Malaysia Development Bhd (1MDB).