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Violation Tracker Individual Record

Company: JPMorgan Chase Bank, N.A.
Current Parent Company: JPMorgan Chase
Penalty: $250,000,000
Year: 2024
Date: March 14, 2024
Offense Group: financial offenses
Primary Offense: banking violation
Violation Description: The Office of the Comptroller of the Currency announced a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) related to deficiencies in its trade surveillance program. The OCC found that JPMC operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program. Generally, trading venues are systems or electronic platforms, operated by investment firms or market operators, that bring together multiple third party buying or selling interests in financial instruments to perform a transaction. The OCC expects banks to perform trade surveillance to monitor the market conduct of its traders and clients as part of its market conduct risk control framework. The OCC found that JPMC failed to surveil billions of instances of trading activity on at least 30 global trading venues. These gaps and deficiencies in JPMC’s trade surveillance program constitute unsafe or unsound banking practices.
Level of Government: federal
Action Type: agency action
Agency: Office of the Comptroller of the Currency
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.