- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-02-20T20:29:00
JPMorgan Chase disclosed in a regulatory filing it expects to be penalized approximately $350 million by two unnamed U.S. regulators over lapses in its trading surveillance activities.
The firm self-identified “certain trading and order data through the CIB (corporate and investment bank) was not feeding into its trade surveillance platforms,” according to JPMorgan’s latest annual report filed Friday.
As part of an internal investigation, the firm said it nearly completed reviewing data not originally surveilled and, so far, has “not identified any employee misconduct, harm to clients, or the market.”
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JPMorgan Chase will pay $348.2 million in fines to settle allegations laid by two federal banking regulators that it failed to adequately monitor trading and order activity.
The Financial Industry Regulatory Authority fined Goldman Sachs $512,500 for allegedly failing to properly surveil certain types of securities for potential manipulative trading activity for more than a decade.
A subsidiary of JPMorgan Chase will pay an $18 million fine to the Securities and Exchange Commission for allegedly violating the agency’s whistleblower protection rule in hundreds of settlement agreements with clients and customers.
Purported “testimonial and review” service Rytr agreed to stop selling its program that used artificial intelligence to create fake content as part of a consent order with the Federal Trade Commission.
Bank of America avoided a monetary penalty in agreeing to settle charges with the Treasury Department’s Office of the Comptroller of the Currency but was ordered to shore up previously disclosed deficiencies in its Bank Secrecy Act/anti-money laundering (BSA/AML) and sanctions compliance programs.
Aviation maintenance services provider AAR Corp. will pay nearly $56 million to settle charges that it violated the Foreign Corrupt Practices Act when it paid bribes to government officials in Nepal and South Africa.
