06:36 AM EST, 12/02/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) has been fined 2.4 million Singapore dollars ($1.8 million) by the Monetary Authority of Singapore for failing to prevent and detect misconduct by its relationship managers in 24 over-the-counter bond transactions, the regulator said Monday.

The authority said the relationship managers made inaccurate or incomplete disclosures to clients, resulting in spreads that exceeded agreed-upon rates.

The regulators said that the bank has admitted liability, refunded excessive fees to affected clients, improved its pricing frameworks and internal controls to prevent a recurrence but added that separate reviews into the individual relationship managers are ongoing.

JPMorgan ( JPM ) did not immediately reply to MT Newswires' request for comment.