JPMorgan Chase has paid a $448 million fine to U.S. regulators for failing to monitor billions of transactions on the bank’s global trading venues.
JPMorgan Chase will pay a total of $448 billion to U.S. regulators for failing to monitor billions of trades in its global trading operations for potential market misconduct.
In a filing with the U.S. Securities and Exchange Commission (SEC), the banking giant said it had reached a deal with unnamed U.S. regulators that would add $100 billion in fines to the Office of the Comptroller’s $348 billion enforcement action. currency (OCC) and the Federal Reserve (FRB).
In March, two regulators accused JPMorgan’s corporate and investment banking division of engaging in “unsafe or unsound” banking practices, saying it had significant gaps in its trade surveillance program. According to the OCC, the bank failed to adequately monitor the behavior of its traders and customers to detect potential market misconduct across billions of trading activities across at least 30 global trading venues.
Now the giant bank says it is paying an additional $100 million to other U.S. regulators “after offset for amounts paid to the OCC and the Federal Reserve” to settle separate enforcement actions related to the same issues.
JPMorgan did not name the third regulator involved, but said it had independently confirmed that “certain transaction and order data” from its corporate investment bank (CIB) had not been entered into its trade watchdog platform.
The company said it was now determined to continue to strengthen the reliability of its trading infrastructure and maintain strict controls.
JPMorgan has paid nearly $40 billion since 2000 to settle 277 enforcement actions and lawsuits involving toxic securities abuses, banking violations, investor protection violations and other crimes, according to data from Violation Tracker, a comprehensive corporate misconduct database. .
The New York-based bank posted net income of $49.6 billion last year.
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