JPMorgan Fined $348 Million for Trade Monitoring Failures
TL;DR Summary
JPMorgan is facing fines totaling almost $350 million from bank regulators for deficiencies in its trade surveillance program, with the Office of the Comptroller of the Currency imposing a $250 million civil penalty and the Federal Reserve Board fining the bank about $98.2 million. The OCC found that JPMorgan operated with gaps in trading venue coverage and inadequate data controls, failing to monitor billions of instances of trading activity on global trading venues. The bank has been issued a cease and desist order and must take corrective actions to improve its program.
- JPMorgan fined almost $350M for issues with trade surveillance program The Associated Press
- JPMorgan Hit With Nearly $350 Million Fine for Compliance Failures in Trading The Wall Street Journal
- JPMorgan fined nearly $350M for 10 years of inadequate trade monitoring New York Post
- JPMorgan Chase fined a total of $348.2 million for ‘inadequate’ monitoring and market misconduct MarketWatch
- JPMorgan fined $348 million for the way it monitors trading Yahoo Finance
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