JPMorgan Chase Paying $100,000,000 Fine, Issues Rare Admission of Guilt in Settlement With US Financial Regulator – Crypto News – Crypto News
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JPMorgan Chase Paying $100,000,000 Fine, Issues Rare Admission of Guilt in Settlement With US Financial Regulator JPMorgan Chase Paying $100,000,000 Fine, Issues Rare Admission of Guilt in Settlement With US Financial Regulator

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JPMorgan Chase Paying $100,000,000 Fine, Issues Rare Admission of Guilt in Settlement With US Financial Regulator – Crypto News

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12 months ago

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JPMorgan Chase has issued a rare admission of guilt and agreed to pay a $100 million fine to a US market regulator.

The Commodity Futures Trading Commission (CFTC) says the trillion-dollar bank admits that it failed to monitor billions of orders from its traders and clients – a mandatory process designed to detect market misconduct.

The banking giant has already agreed to pay $348 million to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB) for the same violations.

Once those payments are complete, the CFTC says it will reduce an initial $200 million settlement fee down to the $100 million in question.

“Today’s resolution includes a significant penalty, certain factual admissions, and the appointment of a consultant to ensure remediation.

We hope it sends a clear message that CFTC registrants must take appropriate steps to ensure, through testing and other means, that complete trade and order data direct from exchanges are being ingested into trade surveillance systems and that orders are being surveilled.”

The bank has not released a statement on the new fine, but has previously said it self-reported the violations and believes customers were not harmed by its actions.

To date, JPMorgan Chase has paid a total of $39.68 billion in fines to resolve enforcement actions including securities abuses, banking violations, investor protection violations and other offenses, according to the public Violation Tracker database.

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