JPMorgan Chase on Wednesday said that it will pay an additional $100 million to US regulators to settle trade reporting gaps.
The bank had already to pay penalties of around $350 million for reporting incomplete trading data to surveillance platforms.
In a regulatory filing, the US bank said that it has been responding to government inquiries regarding its processes to inventory trading venues and confirm the completeness of certain data fed to trade surveillance platforms. It said that it had self-identified that certain trading and order data through its Corporate & Investment Bank was not feeding into its trade surveillance platforms.
The bank added that it has completed enhancements to the unit’s venue inventory and data completeness controls and that it has also performed a review of the data not originally surveyed.
JPMorgan said that while the gaps “represent a fraction of the overall activity across the CIB, the data gap on one venue, which largely consisted of sponsored client access activity, was significant.”
In the fallout from this data reporting error, the bank entered into resolutions with the Office of the Comptroller of the Currency (OCC) and the Board of Governors of the Federal Reserve that requires it to pay aggregate civil penalties of approximately $350 million. It also has agreed to engage with an independent consultant.
In the filing, the firm said that it was expecting to enter into an additional resolution with a third regulator that would see it pay a civil penalty of $100 million after offsets for amounts paid to the OCC and FRB.
The bank said it does not expect any disruption of service to clients as a result of these resolutions.
Elsewhere in the regulatory filing, the company said that its assets in Russia may be seized after lawsuits in both Russia and in the US.
It said: “If the claims are enforced despite the actions taken by the firm to challenge the claims and orders and to seek the proper application of law, the firm’s assets in Russia could be seized in full or the firm could be prevented from complying with its obligations.”
Latest News
Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.
Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.
Click here to read the 2023 State of the Phish report from Proofpoint.
Click here to read the 2023 State of the Phish report from Proofpoint.
Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.
Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories