JPM - JP Morgan Chase Fined $350M For 'Deficient Trade Surveillance' | Benzinga
The Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency (OCC) on Thursday announced nearly $350 million in civil money penalties against JP Morgan Chase & Co. (NYSE:JPM)
The OCC announced a $250 million penalty against JP Morgan Chase related to deficiencies in its trade surveillance program. The OCC said that it found that the bank "failed to surveil billions of instances of trading activity on at least 30 global trading venues," constituting unsafe or unsound banking practices.
The OCC also issued a cease and desist order requiring JP Morgan Chase to improve its trade surveillance program by seeking the OCC's non-objection before onboarding new trading venues and obtaining an independent third ...