JPMorgan Chase is paying a $1.79 million penalty for overcharging a group of clients in Singapore.
The Monetary Authority of Singapore (MAS) says the banking giant has admitted it’s liable for failing to discover and stop misconduct by its relationship managers.
The agency says the managers provided incorrect information to clients while executing 24 over-the-counter bond transactions, which resulted in those customers being overcharged.
According to the MAS, JPMorgan did not have a proper system in place to make sure its managers complied with the predetermined client spread agreements.
“The bank has refunded the overcharged fees to affected clients.
The bank has also enhanced its pricing frameworks and internal controls to prevent the recurrence of such misconduct.”
JPMorgan says the issue affected a “very small” percentage of total trades processed.
“In 2020, after completing our internal review, JPMorgan Private Bank undertook a comprehensive update to its internal controls, monitoring and training framework to ensure our trade governance, pricing transparency and compliance principles continue to be upheld.”
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