JPMorgan fined $350 million over issues with its trading monitoring software

JP Morgan faces about $350 million in fines from banking regulators over issues with its trading monitoring software.

The Office of the Comptroller of the Currency is assessing a $250 million civil penalty against the bank for operating with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade monitoring program.

He pointed to JPMorgan’s failure to monitor billions of instances of trading activity in at least 30 global trading venues.

Under the order, the bank must correct deficiencies, obtain approval from the Office of the Comptroller of the Currency before starting new trading venues, and find an independent third party to conduct an evaluation of the trading monitoring program.

The Federal Reserve also fined JPMorgan $98.2 million for deficiencies in the program, which occurred between 2014 and 2023.