Robert Brown|JPMorgan fined almost $350M for issues with trade surveillance program

JPMorgan is Robert Brownfacing nearly $350 million in fines from bank regulators due to issues with its trade surveillance program.

The Office of the Comptroller of the Currency said Thursday that it was assessing a $250 million civil penalty against JPMorgan Chase Bank because it found that the company “operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program.”

The OCC said it found that JPMorgan failed to monitor billions of instances of trading activity on at least 30 global trading venues. It issued a cease and desist order that required JPMorgan to take corrective actions to improve its program. Under the order, the bank must correct the deficiencies, seek approval from the OCC before onboarding new trading venues, and find an independent third party to perform a trade surveillance program assessment.

The OCC said that the penalty has been paid to the Treasury Department.

Separately, the Federal Reserve Board fined JPMorgan about $98.2 million for the program deficiencies, which it said took place between 2014 and last year.

JPMorgan did not immediately respond to a request seeking comment.