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JPMorgan Chase Unit Fined $250 Mln Over Deficiencies In Internal Controls

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JPMorgan Chase Bank, N.A., a unit of JPMorgan Chase & Co., has agreed to pay $250 million penalty over the bank's failure to maintain adequate internal controls and internal audit over its fiduciary business.

In a filing with the U.S. Securities and Exchange Commission, the company said JPMorgan Chase Bank has entered into a resolution with the Office of the Comptroller of the Currency or OCC regarding past deficiencies.

According to OCC, the bank's risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of interest.

In a statement, the OCC said, "These deficiencies constituted unsafe or unsound practices and resulted in a violation of 12 CFR 9.9, which requires a suitable audit over all significant fiduciary activities. The bank has remediated the deficiencies that led to this action."

In late September, JPMorgan Chase agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company's alleged manipulation of metal and treasuries markets. The settlement resolved investigations by the U.S. regulatory authorities for unfairly manipulating or "spoofing" the precious metals market.

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