JPMorgan Penalised for Weak Internal Controls
(09 November 2020 – United States) Just weeks after paying heavy fines for similar matters, JP Morgan have been penalised for weak internal controls in wealth management. Weak controls can pose serious threats to the banking industry; therefore, repeat offenders are not taken lightly by regulators.
In September, JP Morgan were fined US$920 million for manipulations of global market prices for metals and bonds. Since then, JP Morgan have improved their controls but still have substantial inadequacies.
“It’s important that banks take the necessary steps to ensure compliance throughout all its banking divisions. This can often be achieved through investments in staff education and regulation technology” commented East & Partners Markets Analyst, Pierre Sokoya
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