JPMorgan is facing nearly $350 million in fines from bank regulators due to issues with its trade surveillance program.
The Office of the Comptroller of the Currency said Thursday that it was assessing a $250 million civil penalty against JPMorgan Chase Bank because it found that the company “operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program.”
The OCC said it found that JPMorgan failed to monitor billions of instances of trading activity on at least 30 global trading venues. It issued a cease and desist order that required JPMorgan to take corrective actions to improve its program. Under the order, the bank must correct the deficiencies, seek approval from the OCC before onboarding new trading venues, and find an independent third party to perform a trade surveillance program assessment.
The OCC said that the penalty has been paid to the Treasury Department.
Separately, the Federal Reserve Board fined JPMorgan about $98.2 million for the program deficiencies, which it said took place between 2014 and last year.
JPMorgan did not immediately respond to a request seeking comment.
2024-12-26 10:531199 view
2024-12-26 09:46509 view
2024-12-26 09:30997 view
2024-12-26 09:26239 view
2024-12-26 09:251990 view
2024-12-26 08:521007 view
Next year’s Sundance Film Festivalwill feature Jennifer Lopezsinging and dancing in Bill Condon’s “K
Floodwaters barreled up the front steps of Shadina Toudle’s trailer in Kenly, North Carolina, and la
NEW YORK (AP) — It’s a pop hit like many others: An ascending chorus, an addictive hook, a warm rhyt