Posted 3/17/2024, 5:54:45 PM
JPMorgan Chase Fined $348 Million for Unsafe Banking Practices Related to Deficient Trade Surveillance Program
- JPMorgan Chase fined $348.2 million by Federal Reserve and Office of the Comptroller for unsafe banking practices related to trade surveillance program
- Deficiencies allowed inadequate monitoring of traders and clients for potential market misconduct from 2014-2023
- Issued cease-and-desist orders requiring improvements to trade surveillance program
- Must hire independent third party to assess program and submit action plan
- Since 2000, bank has paid $39.34 billion in fines for anti-competitive practices, securities abuses, and other violations
