The Office of the Comptroller of the Currency (OCC) assessed a $250 million civil money penalty against JPMorgan Chase Bank, N.A.
The OCC took this action based on the bank’s failure to maintain adequate internal controls and internal audit over its fiduciary business.
OCC Assesses $250 Million Civil Money Penalty Against JPMorgan Chase Bank, N.A. https://t.co/qLGyGWycg4
— OCC (@USOCC) November 24, 2020
The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of interest. These deficiencies constituted unsafe or unsound practices and resulted in a violation of 12 CFR 9.9, which requires a suitable audit over all significant fiduciary activities. The bank has remediated the deficiencies that led to this action.
The OCC penalty will be paid to the U.S. Treasury.
Related Link
Source: OCC
NEWSLETTER SIGN UP
And receive exclusive articles on securities markets
@marketsmedia @CoreumOfficial @SoloTex_com An excellent read on tokenisation and SoloTex’s capabilities. Very insightful and well-articulated!
A recent Markets Media article highlights how @tZERO is resetting its vision - focusing on partnerships, regulated infrastructure, and global scale to make tokenized capital markets a reality.
Under CEO @Alan_Konevsky, the company is leveraging regulatory momentum to enable…
Want to know who calls the shots on trading tech? We partnered with @WeAreAdaptive to interview capital markets professionals globally to uncover key trends and evolving patterns in technology deployment. Reach the report here:
Related articles
-
Kinexys by J.P. Morgan has brought institutional finance onchain, marking an evolution in digital money.
-
Annual industry survey has chronicled the rapid evolution in electronic trading.
-
If crypto wants institutional liquidity, it must replace prefunding with modern alternatives.
-
BNP Paribas’ Securities Services business is the transfer agent.
-
Kinexys Fund Flow addresses challenges of siloed data systems & manual reconciliations.
We're Enhancing Your Experience with Smart Technology
We've updated our Terms & Conditions and Privacy Policy to introduce AI tools that will personalize your content, improve our market analysis, and deliver more relevant insights.These changes take effect on Aug 25, 2025.
Your data remains protected—we're simply using smart technology to serve you better. [Review Full Terms] | [Review Privacy Policy] Please review our updated Terms & Conditions and Privacy Policy carefully. By continuing to use our services after Aug 25, 2025, you agree to these
