JPMorgan Chase must pay a $1.79 million fine for overcharging a group of customers in Singapore.
The Monetary Authority of Singapore (MAS) says the banking giant has admitted liability for failing to detect and stop misconduct by its relationship managers.
The agency says the managers provided incorrect information to customers while executing 24 over-the-counter bond transactions, causing those customers to be overcharged.
According to the MAS, JPMorgan did not have a good system in place to ensure that its managers adhered to predetermined client allocation agreements.
“The bank has refunded the overcharged fees to the affected customers.
The bank has also improved its pricing frameworks and internal controls to prevent recurrence of such misconduct.”
JPMorgan said the issue affected a “very small” percentage of total transactions processed.
“In 2020, following the completion of our internal review, JPMorgan Private Bank implemented a comprehensive update to its internal control, monitoring and training framework to ensure our trading management, price transparency and compliance principles are maintained.”
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