WASHINGTON, March 15, 2024 (BSS/AFP) - US regulators unveiled fines of almost $350 million Thursday against US bank JPMorgan Chase for what they called inadequate trade reporting and surveillance.

The fines, levied by the US Federal Reserve and the Office of the Comptroller of the Currency (OCC), relate to issues with the US banking giant's trading program between 2014 and 2023, the Fed said in a statement.

The Fed said it had fined JPMorgan around $98.2 million for running "an inadequate program to monitor firm and client trading activities for market misconduct."

In a separate statement, the OCC announced it had issued a $250 million civil penalty against the bank after finding it "operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program."

"As we disclosed last month, we self-identified the issue, significant remedial actions have been taken and others are underway," a JPMorgan spokesperson told AFP by email.

"We have not found any employee misconduct or harm to clients or the market in our review of the previously uncaptured data," they continued, adding: "We do not expect any disruption of service to clients as a result of these resolutions."

As a result of Thursday's actions, JPMorgan Chase is now required "to review and take corrective action to address the firm's inadequate monitoring practices," the Fed statement read.

The OCC said its actions also required the bank to improve its trade surveillance program, and to check in before "onboarding new trading venues."