JPMorgan Fined Nearly $1.8 Million By Singapore's Central Bank For Misconduct Of Relationship Managers

Singapore's central bank fined JPMorgan Chase nearly $1.8 million for failing to prevent and detect misconduct by its relationship managers. The managers provided inaccurate or incomplete information in 24 over-the-counter bond transactions and charged spreads above agreed rates. The Monetary Authority of Singapore said the bank lacked adequate controls to ensure compliance with pre-agreed pricing and admitted liability for the failures. JPMorgan has refunded overcharged fees, enhanced pricing frameworks, and updated internal controls to prevent recurrence.