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Singapore cenbank fines JPMorgan $1.8 mln over misconduct by 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/ ]