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JPMorgan Hit with $348M Fine for Trading Oversight Failures

Ongoing MonitoringJPMorgan Hit with $348M Fine for Trading Oversight Failures

JPMorgan (JPM) faces a hefty fine of $348.2 million from the Federal Reserve and the Office of the Comptroller of the Currency (OCC) for inadequate monitoring of trading activities between 2014 and 2023. Regulators cited the bank for “unsafe or unsound practices” and a lack of oversight over its trading venues globally, failing to surveil billions of trading instances on 30 platforms. While JPMorgan self-reported the issue and assures no disruption to client services, it marks one of their largest fines in recent years. Previously, JPMorgan had settled charges for incomplete trading data reporting with other regulators for $350 million. This penalty reflects a recurring issue for banks regarding record-keeping, as seen with Goldman Sachs facing a $5.5 million fine for record-keeping violations and Citigroup’s $2.9 million penalty for mismanaging expenses in its underwriting business.

By FCCT Editorial Team freeslots dinogame telegram营销

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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