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The Federal Reserve and the Office of the Comptroller of the Currency (OCC) are hitting banking giant JPMorgan Chase with a $348.20 million fine in a coordinated enforcement action.
Both the Fed and the OCC say JPMorgan engaged in “unsafe or unsound banking practices” in relation to its trade surveilling program.
The OCC says that since 2019, JPMorgan operated with gaps in its trade surveillance program, leading to the bank’s failure to adequately monitor its traders and clients for potential market misconduct in billions of trading instances.
Meanwhile, the Fed says JPMorgan’s trade surveillance program had been deficient at certain points in time from 2014 to 2023. The Fed says the deficiencies allowed the trillion-dollar lender’s corporate and investment bank division to operate without “adequate data oversight and reconciliation processes to achieve effective and comprehensive trade surveillance.”
dailyhodl.com
Both the Fed and the OCC say JPMorgan engaged in “unsafe or unsound banking practices” in relation to its trade surveilling program.
The OCC says that since 2019, JPMorgan operated with gaps in its trade surveillance program, leading to the bank’s failure to adequately monitor its traders and clients for potential market misconduct in billions of trading instances.
Meanwhile, the Fed says JPMorgan’s trade surveillance program had been deficient at certain points in time from 2014 to 2023. The Fed says the deficiencies allowed the trillion-dollar lender’s corporate and investment bank division to operate without “adequate data oversight and reconciliation processes to achieve effective and comprehensive trade surveillance.”
JPMorgan Chase Paying $348,200,000 Penalty, Issued Cease-and-Desist Order Over 'Unsafe or Unsound' Banking Practices - The Daily Hodl
The Federal Reserve and the Office of the Comptroller of the Currency (OCC) are hitting banking giant JPMorgan Chase with a $348.20 million fine in a coordinated enforcement action.
dailyhodl.com
