Singapore Central Bank Fines JPMorgan Over Misconduct by Relationship Managers
Singapore’s Monetary Authority (MAS) has fined JPMorgan Chase S$2.4 million (USD 1.79 million) for failing to prevent misconduct by its relationship managers during over-the-counter bond transactions. The managers reportedly provided inaccurate or incomplete information to clients on 24 occasions, charging higher spreads than agreed. MAS found that JPMorgan lacked sufficient controls to ensure compliance and transparency in its dealings.
JPMorgan admitted liability and refunded the affected clients for the overcharges. The bank has since enhanced its internal processes, including its pricing frameworks and monitoring systems, to prevent similar misconduct in the future. MAS also confirmed that it is investigating the individual relationship managers involved in the incidents.
In a statement, JPMorgan expressed satisfaction with resolving the matter and emphasized that the affected trades represented a small fraction of their overall operations. The bank noted that it had implemented robust updates to its controls and compliance frameworks since 2020 to strengthen trade governance and uphold transparency.
