OCC fines JPMorgan Chase Bank, N.A. for inadequate monitoring

The OCC issued a consent order for the payment of $250 million in civil money penalties and a cease and desist order after finding that:

1. Since at least 2019, the Bank’s trade surveillance program has operated with
   certain deficiencies that have compromised its effectiveness.
2. The Bank has failed to establish adequate governance over trading venues on
   which it is active. 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.
3. In addition, the Bank’s trade surveillance program has operated with gaps in
   venue coverage and without adequate data controls required to maintain an effective program.
   The consequences of these deficiencies include the Bank’s failure to surveil billions of instances
   of trading activity on at least 30 global trading venues.
4. Based on the foregoing, the Bank has engaged in unsafe or unsound practices that
   constitute a pattern.