The Office of the Comptroller of the Currency on Tuesday fined JPMorgan Chase Bank US$250 million for the bank's failure to"maintain adequate internal controls and internal audit" over its fiduciary business.
FILE PHOTO: A woman passes by a JPMorgan Chase bank in Times Square in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermidWASHINGTON: The Office of the Comptroller of the Currency on Tuesday fined JPMorgan Chase Bank US$250 million for the bank's failure to"maintain adequate internal controls and internal audit" over its fiduciary business.
The OCC found the bank’s risk management practices were deficient and it lacked sufficient controls to avoid conflicts of interest, the regulator said, adding the bank has since remediated the problem.