/biz/ - Business & Finance

tee hee
>JPMorgan Fined $348 Million For Failing To Monitor "Billions" In Trades
https://www.zerohedge.com/markets/jpmorgan-fined-348-million-failing-monitor-billions-trades

>America's most officially corrupt and criminal bank - at least according to the Violation Tracker database which shows that its total penalties since 2020 amount to just shy of $40 billion...
https://violationtracker.goodjobsfirst.org/parent/jpmorgan-chase

JPMorgan Chase, has just added another notch to its criminal track record when it was fined $348.2 million by a pair of US bank regulators over its inadequate program to monitor firm and client trading activities for market misconduct, the Federal Reserve announced on Thursday.

The Fed fined the bank alongside the Office of the Comptroller of the Currency (OCC), and said the misconduct occurred between 2014 and 2023. JPMorgan disclosed in February that it expected to pay roughly $350 million in civil penalties for reporting incomplete trading data to surveillance platforms. It said at the time it was also in "advanced negotiations" with a third regulator that may not result in resolution. The penalty consisted of $250 million from the Office of the Comptroller and $98 million from the Federal Reserve.

In a separate announcement, the OCC said JPMorgan failed to properly monitor "billions" of trades across at least 30 global trading venues. It ordered the bank to overhaul and improve its trade surveillance program and conduct a third-party review of its policies. The bank must clear any new trading venues with regulators under the new order.

“The consequences of these deficiencies include the bank’s failure to surveil billions of instances of trading activity on at least 30 global trading venues,” the OCC said in its consent order. The bank neither admitted nor denied the OCC’s findings.