JPMorgan Chase Paying $1,790,000 Penalty for Overcharging Clients in Singapore, Failing to Stop Employee Misconduct

JPMorgan Chase is paying a $1.79 million penalty for overcharging a group of clients in Singapore. The Monetary Authority of Singapore (MAS) says the banking giant has admitted it’s liable for failing to discover and stop misconduct by its relationship managers. The agency says the managers provided incorrect information to clients while executing 24 over-the-counter bond transactions, which resulted in those customers being overcharged. According to the MAS, JPMorgan did not have a proper system in place to make sure its managers complied with the predetermined client spread agreements. “The bank has refunded the overcharged fees to affected clients. The bank has also enhanced its pricing frameworks and internal controls to prevent the recurrence of such misconduct.” JPMorgan says the issue affected a “very small” percentage of total trades processed. “In 2020, after completing our internal review, JPMorgan Private Bank undertook a comprehensive update to its internal controls, monitoring and training framework to ensure our trade governance, pricing transparency and compliance principles continue to be upheld.” Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post JPMorgan Chase Paying $1,790,000 Penalty for Overcharging Clients in Singapore, Failing to Stop Employee Misconduct appeared first on The Daily Hodl .