JPMorgan Chase hit with almost $350 million in fines for gaps in trade surveillance data
With JPMorgan Chase being fined a considerable $350 million sum for “unsafe or unsound” practices around trade surveillance, what impacts will this have on how firms trade and communicate compliantly?
Regulatory Compliance
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Written by a human
In brief:
- JPMorgan Chase has been fined nearly $350 million for deficiencies in its trade surveillance data capture procedures
- The action, jointly taken by the OCC and Federal Reserve Board, also includes stipulations for the firm to undertake a comprehensive third-party review of policies
- The size of the fine, combined with its intersection with previous cases of failures to capture comprehensive data, may indicate this is the next area of regulatory focus
From trading data sets to capture communications data and records of potential non-financial misconduct incidents – regulators are increasingly expecting firms to be able to supply complete datasets across a variety of areas. Ensuring that data is captured completely, stored securely, and can be surveilled for signs of risk are becoming must have capabilities to stay on the right side of regulators.
