(Reuters) -Singapore’s central financial institution on Monday stated it fined U.S. lender JPMorgan Chase (NYSE:) a civil penalty of S$2.4 million ($1.79 million) for failing to forestall and detect misconduct dedicated by its relationship managers.
The Financial Authority of Singapore (MAS) stated JPMorgan’s relationship managers supplied inaccurate or incomplete info to shoppers in 24 situations of over-the-counter bond transactions, charging them spreads above the agreed charges.
MAS stated in a press release that JPMorgan Chase didn’t have enough processes and controls to make sure that relationship managers adhered to pre-agreed spreads with shoppers.
The central financial institution stated the financial institution has admitted legal responsibility for its failure to forestall or detect the misconduct and has paid MAS the civil penalty.
“The financial institution has refunded the overcharged charges to affected shoppers. The financial institution has additionally enhanced its pricing frameworks and inner controls to forestall the recurrence of such misconduct,” MAS stated.
MAS stated additionally it is wanting into the person relationship managers concerned within the misconduct.
($1 = 1.3443 Singapore {dollars})
