The Monetary Authority of Singapore (MAS) fined JPMorgan Chase $2.4 million for misconduct in bond transactions. The bank admitted liability and has improved its internal controls.
Signage is seen at the JPMorgan Chase & Co. New York headquarters in Manhattan, New York City, US, June 30, 2022.Singapore's central bank said on Monday it fined US lender JPMorgan Chase $2.4 million for failing to prevent and detect misconduct committed by its relationship managers.
MAS said in a statement that JPMorgan Chase did not have adequate processes and controls to ensure that relationship managers adhered to pre-agreed spreads with clients. "The bank has refunded the overcharged fees to affected clients. The bank has also enhanced its pricing frameworks and internal controls to prevent the recurrence of such misconduct," MAS said.
Jpmorgan Chase Monetary Authority Of Singapore Bond Transactions Misconduct Fines Internal Controls
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