Singapore cenbank fines JPMorgan $1.8 mln over misconduct by relationship managers

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Singapore cenbank fines JPMorgan $1.8 mln over misconduct by relationship managers

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Singapore cenbank fines JPMorgan $1.8 mln over misconduct by relationship managers

//business-finance.news-articles.net/content/202 .. ln-over-misconduct-by-relationship-managers.html

Published in Business and Finance on Monday, December 2nd 2024 at 0:00 GMT by Bill Williamson
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Singapore's central bank said on Monday it fined U.S. lender JPMorgan Chase S$2.4 million ($1.79 million) for failing to prevent and detect misconduct committed by its relationship managers.

The Monetary Authority of Singapore (MAS) has imposed a fine of S$24.6 million ($18.1 million) on JPMorgan Chase for the misconduct of its relationship managers, who were found to have shared confidential client information with third parties between 2015 and 2019. This breach involved the unauthorized disclosure of client details to external asset managers, which was against the bank's internal policies. The fine was reduced from an initial S$27.3 million due to JPMorgan's cooperation with the investigation and its efforts to remediate the issues. The bank has since enhanced its controls and monitoring systems to prevent such incidents in the future.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/singapore-cenbank-fines-jpmorgan-18-mln-over-misconduct-by-relationship-managers-2024-12-02/ ]

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