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Singapore's central bank penalized JPMorgan Chase $1.8 million after its relationship managers overcharged clients in bond transactions, exposing critical lapses in controls. The fine underscores the importance of regulatory compliance in financial dealings.
JPMorgan Fined $1.8 Million by Singapore Over Relationship Manager Misconduct
The Central Bank of Singapore announced on Monday that it has levied a fine of S$2.4 million ($1.79 million) against the United States-based financial institution JPMorgan Chase for failing to prevent and detect misconduct perpetrated by its relationship managers, Reuters reports.
During 24 instances of over-the-counter bond transactions, the Monetary Authority of Singapore (MAS) reported that relationship managers working for JPMorgan gave clients with information that was either erroneous or insufficient, resulting in the clients being charged spreads that were higher than the rates that were agreed upon.
A statement issued by the MAS stated that JPMorgan Chase did not have sufficient protocols and controls in place to guarantee that relationship managers adhered to the spreads that were previously agreed upon with customers.
MAS Faults JPMorgan for Weak Internal Controls
Per Investing.com, the central bank stated that it had admitted blame for its failure to prevent or identify misconduct and had paid the civil penalty to the Monetary Authority of Singapore (MAS).
"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," the MAS stated.
JPMorgan Responds to Singapore’s Findings
According to a statement released by JPMorgan Chase, the company expressed its satisfaction with the fact that the issue had been rectified and that it "represents a very small portion of the total trades processed during the related period."
"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," the financial institution said in a statement.
In addition, the MAS stated that it was conducting investigations into the individual relationship managers who were engaged in the scandal.
