JPMorgan Chase and Co, opens new tab will pay civil penalties of about $350 million to regulators for reporting incomplete trading data to surveillance platforms, it said in a regulatory filing on Friday.
Read More: Paytm partners with Axis Bank to settle merchant payments amid RBI crackdown against payments bank
In a response to government inquiries about its trading processes, the lender said certain trading and order data through its Corporate and Investment Bank unit was not fed into its trade surveillance platforms.
Read More: Gold Price Rises In India: Check 24 Carat Rate In Your City On February 17
“While the identified gaps represent a fraction of the overall activity across the Corporate and Investment Bank (CIB), the data gap on one venue, which largely consisted of sponsored client access activity, was significant,” the company said in the filing.
JPMorgan has, however, “not identified any employee misconduct, harm to clients or the market.”
Read More: TikTok beats YouTube in launching native Apple Vision Pro app
The $350 million penalties are expected to resolve the matter with two U.S. regulators, the bank said, without specifying which agencies were involved.
JPMorgan is in “advanced negotiations” with a third regulator which may not result in a resolution, it added.
