In a orchestrated enforcement action, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve are fining banking behemoth JPMorgan Chase $348.20 million.
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Regarding its trade surveillance program, JPMorgan is accused of using “unsafe or unsound banking practices” by the Fed and the OCC.
According to the OCC, JPMorgan has been operating with gaps in its trade surveillance program since 2019. As a result, the bank has not been able to properly monitor its clients and traders for possible market misconduct in billions of trading instances.
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In the meantime, the Fed claims that from 2014 to 2023, there were instances when JPMorgan’s trade surveillance program was inadequate. According to the Fed, these flaws made it possible for the corporate and investment bank division of the trillion-dollar lender to function without having “adequate data oversight and reconciliation processes to achieve effective and comprehensive trade surveillance.”
In addition to the financial fine, JPMorgan was given cease-and-desist orders by the two regulatory bodies, which mandated the bank to implement significant changes to its trade surveillance program.
The OCC directs JPMorgan to prepare an action plan that includes a thorough explanation of the procedures that must be followed for its trade surveillance program to comply, a reasonable timeframe for finishing the plan, and the identity of the individual in charge of carrying out the regulator’s corrective actions.
Regarding the Fed, the regulator mandates that the bank hire an impartial third party to evaluate JPMorgan’s trade surveillance program in various aspects, such as identifying instances of non-surveilled trading activities and addressing market misconduct.
According to information gathered from the extensive database of corporate wrongdoing Violation Tracker, JPMorgan Chase has settled lawsuits pertaining to anti-competitive behavior, securities abuses, and other infractions for a total of $39.34 billion since 2000. The fines were assessed by US regulators, enforcement agencies, and courts.
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