The Monetary Authority of Singapore (MAS) has imposed a civil penalty of 2.4 million Singapore dollars (approximately 1.79 million USD) on JPMorgan Chase & Co. (JPM, Financial). The penalty comes after a relationship manager at JPMorgan provided inaccurate or incomplete information to clients during 24 over-the-counter bond transactions. Additionally, the spreads charged to clients were higher than agreed upon.
JPMorgan has acknowledged its failure to prevent or detect the misconduct and has paid the civil penalty to MAS.
