Singapore’s central bank said Monday it was fined JPMorgan Chase’s (NYSE:JPM) 2.4M Singapore dollars ($1.79M) for failing to detect and prevent misconduct by its relationship managers.  The Monetary Authority of Singapore (MAS) said in a statement that the relationship managers “had made inaccurate or incomplete disclosures to clients,

JPMorgan Chase is paying a $1.79 million penalty for overcharging a group of clients in Singapore. The Monetary Authority of Singapore (MAS) says the banking giant has admitted it's liable for failing to discover and stop misconduct by its relationship managers.

Singapore fined JPMorgan Chase & Co. S$2.4 million ($1.8 million) for failing to prevent and detect misconduct by its relationship managers over client bond trades.

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

This enforcement action follows MAS's review of pricing and disclosure practices in the private banking sector.

The bank's relationship managers had made inaccurate or incomplete disclosures to clients. Read more at straitstimes.com.

(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.

MAS said in a statement that JPMorgan Chase did not have adequate processes and controls to ensure that relationship managers adhered to pre-agreed spreads with clients

Singapore's central bank fined JPMorgan Chase S$2.4 million for failing to prevent and detect misconduct by its relationship managers, who provided inaccurate information to clients over 24 bond transactions,