JPMorgan Fined $1.8 Million in Singapore for Misconduct in Bond Transactions

The Monetary Authority of Singapore penalized the bank for failing to prevent relationship managers from overcharging clients in 24 OTC bond deals.

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.