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JPMorgan Chase Bank fined $1.78 million in Singapore for misconduct by relationship managers

( December 3, 2024, 04:20 GMT | Official Statement) -- MLex Summary: JPMorgan Chase Bank has been fined S$2.4 million ($1.78 million) by the Monetary Authority of Singapore for failing to prevent and detect misconduct by its relationship managers. In 24 over-the-counter bond transactions between November 2018 and September 2019, the relationship managers had made inaccurate or incomplete disclosures to clients, resulting in the clients being charged spreads that were above the bilaterally agreed rates. The bank has admitted liability, paid the civil penalty and refunded the overcharged fees to affected clients.The full statement follows: ...

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