Singapore cenbank fines JPMorgan $1.8 million over misconduct by relationship managers

(Reuters) – Singapore’s central bank on Monday said it fined U.S. lender JPMorgan Chase a civil penalty of S$2.4 million ($1.79 million) for failing to prevent and detect misconduct committed by its relationship managers.

The Monetary Authority of Singapore said JPMorgan’s relationship managers provided inaccurate or incomplete information to clients in 24 instances of over-the-counter bond transactions, charging them spreads above the agreed rates.

($1 = 1.3443 Singapore dollars)

(Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi Aich)