JPMorgan hit with $250m fine over poor internal controls

By Jack Hagel and Josh Beckerman

Wednesday November 25, 2020 8:35 am

A top banking regulator fined a JPMorgan Chase unit $250m over deficiencies in internal controls and internal audit practices.

For several years, the bank “maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities,” the OCC said in its order. “Among other things, the bank had deficient risk management practices and an insufficient framework for avoiding conflicts of interest.”