Office of the Comptroller of the Currency Accuses Bank of Inadequate Internal Controls
JPMorgan Chase Bank has been ordered to pay a $250M penalty. The Office of the Comptroller of the Currency (OCC) contends that the bank engaged in “unsafe and unsound practices” related to its internal controls and an internal audit of fiduciary duties.
With fiduciary assets of $29.1 trillion, JPMorgan has one of the biggest and complex fiduciary businesses. It offers many types of investment strategies via different investment vehicles to its clients. The Bank is not denying or admitting to the agency’s findings.