WASHINGTON—The Federal Reserve Board has issued an enforcement action against JPMorgan Chase and fined the firm approximately $98.2 million for an “inadequate program” to monitor firm and client trading activities for market misconduct, the Fed reported.
The Fed’s action requires JPMorgan Chase to review and take corrective action to address the firm's inadequate monitoring practices, which occurred between 2014 and 2023, the Fed explained.
The Fed said its action was taken in coordination with the Office of the Comptroller of the Currency. The penalties announced by the Board and the Office of the Comptroller of the Currency total approximately $348.2 million, the Fed added.
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