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Gideon Benari
Regulators stated that the fine from the Fed was $98.2 million and $250 million from the OCC.
The bank was penalized due to a "non-compliant program to monitor trading activity of firms and customers for unfair market behavior." The watchdogs noted that because of the program's sporadic operation, billions of trades were made on at least 30 international trading sites that were not subject to inspections.
JPMorgan discovered the issue on its own and notified authorities, according to a bank representative. No misbehavior or injury to employees was identified.
source: cnn.com
The bank was penalized due to a "non-compliant program to monitor trading activity of firms and customers for unfair market behavior." The watchdogs noted that because of the program's sporadic operation, billions of trades were made on at least 30 international trading sites that were not subject to inspections.
JPMorgan discovered the issue on its own and notified authorities, according to a bank representative. No misbehavior or injury to employees was identified.
source: cnn.com
