Singapore cenbank to fine JPMorgan $1.8 million for misconduct by relationship managers By Reuters

(Reuters) – Singapore’s largest bank said on Monday it had fined US lender JPMorgan Chase (NYSE: ) S$2.4 million ($1.79 million) for failing to prevent and detect misconduct by its relationship managers.

The Monetary Authority of Singapore (MAS) said that JPMorgan’s relationship managers provided incorrect or incomplete information to clients in 24 cases of bond sales, charging them spreads beyond the agreed rates.

MAS said in a statement that JPMorgan Chase does not have adequate processes and controls to ensure that relationship managers adhere to the spreads that they have previously agreed with clients.

The central bank said the bank accepted responsibility for failing to prevent or detect the irregularities and paid a civil penalty to MAS.

“The bank has also refunded the amount charged to the affected customers. The bank has also increased its pricing and internal controls to prevent such errors from happening again,” MAS said.

MAS said it is also looking into the relationship managers affected by the incident.

($1 = 1.3443 Singapore dollars)