03:47 AM EST, 12/03/2024 (MT Newswires) -- (Updates with JPMorgan's ( JPM ) response in the fourth and fifth paragraphs.)

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 ) said in response to MT Newswires' inquiry that its private bank division "fully reimbursed" the clients, which represented a "very small portion of the total trades processed during the related period."

"We are pleased to have this matter resolved and remain dedicated to delivering an exceptional experience for our clients," the bank said.