Reported 2 days ago
Singapore's central bank has imposed a fine of S$2.4 million (approximately $1.79 million) on JPMorgan Chase for failing to detect misconduct by its relationship managers, who provided clients with inaccurate information and charged higher rates on bond transactions. The bank acknowledged its shortcomings, refunded affected clients, and has since improved its internal controls to prevent future issues. The Monetary Authority of Singapore is also reviewing the conduct of the individual managers involved.
Source: YAHOO