JPMorgan fined practically $350 million for insufficient commerce reporting By Reuters

By Pete Schroeder

WASHINGTON (Reuters) -JPMorgan Chase & Co has been fined $348.2 million by a pair of U.S. financial institution regulators over its insufficient program to observe agency and shopper buying and selling actions for market misconduct, the Federal Reserve introduced on Thursday.

The Fed fined the financial institution alongside the Workplace of the Comptroller of the Forex (OCC), and mentioned the misconduct occurred between 2014 and 2023. In a separate announcement, the OCC mentioned JPMorgan didn’t correctly monitor billions of trades throughout at the very least 30 world buying and selling venues.

A financial institution spokesperson mentioned the agency self-identified the difficulty and is working to handle the matter, and doesn’t count on any disruption of current shopper providers. As well as, there was no proof of worker misconduct or hurt to purchasers or the broader market, the spokesperson added.

JPMorgan disclosed in February that it anticipated to pay roughly $350 million in civil penalties for reporting incomplete buying and selling information to surveillance platforms. It mentioned on the time it was additionally in “superior negotiations” with a 3rd unnamed regulator that won’t end in decision.

The settlement introduced on Thursday marks the second sizeable superb in the previous couple of years for the financial institution over its information administration and monitoring. In 2021, JPMorgan agreed to pay $200 million to settle civil fees from two different regulators over record-keeping lapses, the primary in a wave of circumstances over related lapses throughout Wall Road.

Underneath the brand new OCC order, the financial institution should overhaul and enhance its commerce surveillance program and conduct a third-party assessment of its insurance policies. It should clear any new buying and selling venues with regulators below the brand new order.