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Benzinga
Benzinga
Business
Akanksha Bakshi

JPMorgan Fined ~$1.8M In Singapore Over Misconduct By Its Relationship Managers: Details

JPM JPMorgan Mas The Monetary Authority of Singapore

JPMorgan Chase & Co (NYSE:JPM) has been fined S$2.4 million ($1.8 million) by the Monetary Authority of Singapore (MAS) for failing to prevent and detect misconduct by its relationship managers (RMs).

In 24 over-the-counter (OTC) bond transactions between November 2018 and September 2019, the RMs provided clients with inaccurate or incomplete disclosures, resulting in spreads exceeding agreed rates.

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