SINGAPORE: The Monetary Authority of Singapore (MAS) has handed JPMorgan Chase Bank a S$2.4 million (US$1.78 million) civil penalty for failing to prevent and detect misconduct by its relationship managers in Singapore.
New: You can now listen to articles.SINGAPORE: The Monetary Authority of Singapore has handed JPMorgan Chase Bank a S$2.4 million civil penalty for failing to prevent and detect misconduct by its relationship managers in Singapore.
The move follows MAS' review of pricing and disclosure practices in the private banking industry, the authority said. "As the interbank prices were not available to clients, they had to rely on the relationship managers' representations to them regarding the interbank prices and spreads," it added. MAS said it sampled OTC bond transactions conducted by the bank's relationship managers and found that in the 24 transactions, they had either misrepresented the executed interbank prices or spread charged, or omitted information that the spreads charged were above the agreed rates.The 24 transactions took place between November 2018 and September 2019.
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