JPMorgan Fined $348 Million for Trade Monitoring Failures
Originally Published 1 year ago — by The Associated Press
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.