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The Monetary Authority of Singapore has imposed a fine of S$2.4 million (approximately $1.8 million) on JPMorgan Chase for failing to prevent and detect misconduct by its relationship managers in connection with client bond trades. This penalty reflects Singapore's increasing scrutiny of financial institutions following a series of scandals in the commodity trading sector. The regulatory action is part of a broader effort to enforce compliance and uphold integrity within the financial market, particularly as the country adopts a 'zero tolerance' approach to fraud and misconduct in the industry.
Citigroup fired an entire team of Hong Kong equity sales traders in 2019 for alleged misconduct. The ensuing regulatory and legal saga spotlights the question: Who should take the blame when banks get caught breaking the rules? https://t.co/nu6ERg1t8L
#Singapore gets tough on commodity trading practices after series of scandals Long jail sentence for 82-year-old former oil trader is sign of ‘zero tolerance’ for fraud https://t.co/8VkwrjTp87
Editorial | Fraudsters thrive when they do not fear prosecution; it is time to put them on notice https://t.co/arehDkMNj9
