(Reuters) -Singapore’s central bank on Monday said it fined U.S. lender JPMorgan Chase (NYSE:) a civil penalty of 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) said JPMorgan’s relationship managers provided inaccurate or incomplete information to clients in 24 instances of over-the-counter bond transactions, charging them spreads above the agreed rates.
MAS said in a statement that JPMorgan Chase did not have adequate processes and controls to ensure that relationship managers adhered to pre-agreed spreads with clients.
The central bank said the bank has admitted liability for its failure to prevent or detect the misconduct and has paid MAS the civil penalty.
“The bank has refunded the overcharged fees to affected clients. The bank has also enhanced its pricing frameworks and internal controls to prevent the recurrence of such misconduct,” MAS said.
MAS said it is also looking into the individual relationship managers involved in the misconduct.
($1 = 1.3443 Singapore dollars)
