Overview

• JPMorgan Chase was fined S$2.4 million (approximately $1.8 million USD) by the Monetary Authority of Singapore (MAS) for violations in over-the-counter (OTC) bond transactions.
• The misconduct occurred between November 2018 and September 2019, involving 24 transactions where clients were charged spreads exceeding agreed rates.
• Relationship managers provided inaccurate or incomplete pricing information, forcing clients to rely on their representations due to the unavailability of interbank prices.
• JPMorgan admitted liability, paid the penalty, refunded affected clients, and implemented stronger pricing frameworks and internal controls to prevent recurrence.
• The MAS emphasized that the civil penalty is not a criminal sanction but part of a broader effort to address market misconduct in the financial sector.