visimoney
TLDR:
- JP Morgan Chase fined $348 million by US regulators for deficiencies in trade surveillance program
- The fines were issued by the OCC and the US Federal Reserve
JP Morgan Chase has been hit with two fines totaling $348 million by regulators in the US over alleged deficiencies in its trade surveillance program. The Office of the Comptroller of the Currency (OCC) issued a $250 million civil money penalty against the bank, while the US Federal Reserve fined the firm approximately $98.2 million. The OCC found that JPMC failed to surveil billions of instances of trading activity on global trading venues, leading to unsafe banking practices. The fines were accompanied by cease and desist orders requiring the bank to correct deficiencies and seek approval for onboarding new trading venues. The Federal Reserve also issued an enforcement action against JP Morgan Chase for inadequate monitoring of trading activities.
In response, JP Morgan Chase stated that the issue was self-identified and that significant remedial actions have been taken. The bank emphasized that no employee misconduct or harm to clients or the market was found during their review. The fines total approximately $348.2 million and are expected to have no disruption on services to clients. The bank was required to review and address the inadequacies in its monitoring practices between 2014 and 2023.
