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OCC Fines JP Morgan Chase $250 Million

The bank failed to monitor trading activity due to an insufficient trade surveillance program

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  • Written by  Banking Exchange staff
OCC Fines JP Morgan Chase $250 Million

The Office of the Comptroller of the Currency (OCC) has issued a cease and desist as well as a $250 million civil money penalty against JP Morgan Chase Bank.

The regulator issued the civil penalty after it found gaps and deficiencies in the bank’s trade surveillance program that constituted towards unsafe or unsound banking practices.

JP Morgan Chase Bank’s inadequate data controls caused the bank to fail to monitor billions of trading activity on at least 30 global trading revenues, according to the OCC.

The bank also received a cease-and-desist order that requires it to take “broad and comprehensive”  corrective actions to improve its trade surveillance program.

The regulator also issued several orders of prohibition throughout the month of March, including one against Samantha Cherry, former manager at the St. Louis, Missouri branch of UMB Bank for embezzling $439,000 in cash.

Juan F. Velez Restrepo, former personal banker at a New York branch of Citibank, received an order of prohibition after the OCC found he had abused access to an elderly customer’s account and misappropriated over $166,000 in customer funds.

An order terminating their formal agreement was imposed on Beacon Business Bank and Elevate Bank, National Association, which was formerly known as The First National Bank of Sedan.

The OCC found that both banks were conducting unsafe or unsound banking practices due to board and management oversight and enterprise governance.

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