(Reuters) – Singapore’s central bank said on Monday it had fined U.S. lender JPMorgan Chase (NYSE: ) 2.4 million Singapore dollars ($1.79 million) in a civil penalty for failing to prevent and detect misconduct by its managers for public relations.
The Monetary Authority of Singapore (MAS) said JPMorgan’s relationship managers provided incorrect or incomplete information to clients in 24 cases of over-the-counter bond transactions, charging them margins above agreed rates.
MAS said in a statement that JPMorgan Chase did not have adequate processes and controls in place to ensure relationship managers adhered to pre-agreed ranges with clients.
The central bank said the bank accepted responsibility for its failure to prevent or detect misconduct and paid MAS a civil penalty.
“The bank has refunded the overcharged fees to aggrieved customers. The bank has also improved its pricing frameworks and internal controls to prevent the recurrence of such misconduct,” MAS said.
MAS said it was also investigating individual relationship managers involved in misconduct.
(1 USD = 1.3443 Singapore dollars)
