JPMorgan Chase is paying a $1.79 million penalty for overcharging a gaggle of shoppers in Singapore.
The Financial Authority of Singapore (MAS) says the banking large has admitted it’s accountable for failing to find and cease misconduct by its relationship managers.
The company says the managers supplied incorrect info to shoppers whereas executing 24 over-the-counter bond transactions, which resulted in these clients being overcharged.
In line with the MAS, JPMorgan didn’t have a correct system in place to verify its managers complied with the predetermined shopper unfold agreements.
“The financial institution has refunded the overcharged charges to affected shoppers.
The financial institution has additionally enhanced its pricing frameworks and inside controls to forestall the recurrence of such misconduct.”
JPMorgan says the difficulty affected a “very small” share of complete trades processed.
“In 2020, after finishing our inside evaluate, JPMorgan Non-public Financial institution undertook a complete replace to its inside controls, monitoring and coaching framework to make sure our commerce governance, pricing transparency and compliance ideas proceed to be upheld.”
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Price Action
Observe us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal threat, and any losses you might incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in internet online affiliate marketing.
Generated Picture: Midjourney
