Fed fines JPMorgan Chase
The U.S. Federal Reserve (Fed) announced that JPMorgan Chase has been fined due to the inadequacy of its program designed to monitor the firm's and its clients' trading activities for market misconduct.
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In a statement from the U.S. Federal Reserve (Fed), it was stated that JPMorgan Chase has been fined due to the inadequacy of its program designed to monitor the firm's and its clients' trading activities for market misconduct.
The statement noted that the Fed has imposed a 98.2 million dollar fine on the bank, and that JPMorgan Chase is required to review its inadequate monitoring practices that occurred between 2014 and 2023 and take corrective actions.
The statement also recorded that the Fed acted in coordination with the Office of the Comptroller of the Currency (OCC), and that a total fine of 348.2 million dollars has been imposed on the bank, including the penalty announced by the OCC.