Current:Home > MarketsJPMorgan fined almost $350M for issues with trade surveillance program-InfoLens
JPMorgan fined almost $350M for issues with trade surveillance program
View Date:2024-12-23 16:05:00
JPMorgan is facing nearly $350 million in fines from bank regulators due to issues with its trade surveillance program.
The Office of the Comptroller of the Currency said Thursday that it was assessing a $250 million civil penalty against JPMorgan Chase Bank because it found that the company “operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program.”
The OCC said it found that JPMorgan failed to monitor billions of instances of trading activity on at least 30 global trading venues. It issued a cease and desist order that required JPMorgan to take corrective actions to improve its program. Under the order, the bank must correct the deficiencies, seek approval from the OCC before onboarding new trading venues, and find an independent third party to perform a trade surveillance program assessment.
The OCC said that the penalty has been paid to the Treasury Department.
Separately, the Federal Reserve Board fined JPMorgan about $98.2 million for the program deficiencies, which it said took place between 2014 and last year.
JPMorgan did not immediately respond to a request seeking comment.
veryGood! (97484)
Related
- Deion Sanders says he would prevent Shedeur Sanders from going to wrong team in NFL draft
- Gabourey Sidibe Shares the Special Meanings Behind Her Twin Babies' Names
- Adrien Broner vs. Blair Cobbs live updates: Predictions, how to watch, round-by-round analysis
- Oklahoma softball completes four-peat national championship at the WCWS and it was the hardest yet
- Burt Bacharach, composer of classic songs, will have papers donated to Library of Congress
- A real nut case: Cold Stone Creamery faces suit over lack of real pistachios in pistachio ice cream
- 2024 cicada map: Where to find Brood XIII, Brood XIX around the Midwest and Southeast
- Drive-through wildlife center where giraffe grabbed toddler is changing rules after viral incident
- Roy Haynes, Grammy-winning jazz drummer, dies at 99: Reports
- E! Readers Can’t Get Enough of This Red Light Mask That Makes Your Skin Glow: Get It Now
Ranking
- US Election Darkens the Door of COP29 as It Opens in Azerbaijan
- The Valley Star Jesse Lally Claims He Hooked Up With Anna Nicole Smith
- Nick Cannon Has His Balls Insured for $10 Million After Welcoming 12 Kids
- Manhattan district attorney agrees to testify in Congress, but likely not until Trump is sentenced
- Kendall Jenner Is Back to Being a Brunette After Ditching Blonde Hair
- After editor’s departure, Washington Post’s publisher faces questions about phone hacking stories
- John Stamos talks rocking through Beach Boys stage fails, showtime hair, Bob Saget lessons
- Score $98 Worth of Peter Thomas Skincare for Just $38, Plus More Flash Deals You Don’t Want To Miss
Recommendation
-
Judge hears case over Montana rule blocking trans residents from changing sex on birth certificate
-
The International System That Pits Foreign Investors Against Indigenous Communities
-
Lawyer for Jontay Porter says now-banned NBA player was ‘in over his head’ with a gambling addiction
-
These Ghostbusters Secrets Are Definitely Worth Another 5 a Year
-
Will Trump’s hush money conviction stand? A judge will rule on the president-elect’s immunity claim
-
The International System That Pits Foreign Investors Against Indigenous Communities
-
Authorities identify 77-year-old man killed in suburban Chicago home explosion
-
Appeals court upholds conviction of British national linked to Islamic State