Singapore’s central bank said Monday it was fined JPMorgan Chase’s (NYSE:JPM) 2.4M Singapore dollars ($1.79M) for failing to detect and prevent misconduct by its relationship managers.  The Monetary Authority of Singapore (MAS) said in a statement that the relationship managers “had made inaccurate or incomplete disclosures to clients,

JPMorgan Chase is paying a $1.79 million penalty for overcharging a group of clients in Singapore. The Monetary Authority of Singapore (MAS) says the banking giant has admitted it's liable for failing to discover and stop misconduct by its relationship managers.

Singapore's central bank said on Monday it fined U.S. lender JPMorgan Chase S$2.4 million ($1.79 million) for failing to prevent and detect misconduct committed by its relationship managers.

Singapore fined JPMorgan Chase & Co. S$2.4 million ($1.8 million) for failing to prevent and detect misconduct by its relationship managers over client bond trades.

This enforcement action follows MAS's review of pricing and disclosure practices in the private banking sector.

Singapores central bank penalized JPMorgan Chase $1.8 million after its relationship managers overcharged clients in bond transactions, exposing critical lapses in controls. The fine underscores the importance