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.

The agency says the managers provided incorrect information to clients while executing 24 over-the-counter bond transactions, which resulted in those customers being overcharged.

According to the MAS, JPMorgan did not have a proper system in place to make sure its managers complied with the predetermined client spread agreements.

“The bank has refunded the overcharged fees to affected clients.

The bank has also enhanced its pricing frameworks and internal controls to prevent the recurrence of such misconduct.”

JPMorgan says the issue affected a “very small” percentage of total trades processed.

“In 2020, after completing our internal review, JPMorgan Private Bank undertook a comprehensive update to its internal controls, monitoring and training framework to ensure our trade governance, pricing transparency and compliance principles continue to be upheld.”

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Coinbase chief Brian Armstrong says that the US government’s efforts to curb money laundering have been a failure and a misuse of public funds.

In a post on the social media platform X, Armstrong says that the US anti-money laundering (AML) policies should be reviewed by President-elect Donald Trump’s proposed Department of Government Efficiency (DOGE) – a new agency that aims to reduce government waste.

“Anti Money Laundering (AML) regulations have been a policy failure.

They cost ~$213 billion annually, harm legitimate consumers (as we’ve seen with these de-banking stories), and only manage to stop ~0.2% of illicit activity according to the UN.

Sounds like a job for DOGE.”

Armstrong also suggests having a “sunset provision” on all laws to automatically retire them after a certain amount of time unless Congress votes to keep them.

The Coinbase CEO also shares data that only 0.05% to 0.2% of criminal proceeds are intercepted, indicating that over 99% of illicit funds successfully evade detection. In addition, banks have shelled out $321 billion in fines since 2008 for compliance failures and crimes related to money laundering.

Armstrong recently alleged that Massachusetts Senator Elizabeth Warren was likely involved in the de-banking of 30 tech and crypto founders.

“Can confirm this is true. It was one of the most unethical and un-American things that happened in the Biden administration, and my guess is we’ll find Elizabeth Warren’s fingerprints all over it (Biden himself was probably unaware).”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Coinbase CEO Brian Armstrong Brands $213,000,000,000 Anti-Money Laundering Regulations As Policy Failures appeared first on The Daily Hodl.