JPMorgan, Bank of America, and Goldman Sachs will pay civil monetary penalties of US$15 million, US$8 million, and US$30 million respectively, the CFTC said in a statement. ― Reuters pic
WASHINGTON, Sept 30 — The US Commodity Futures Trading Commission on Friday ordered Goldman Sachs, Bank of America and JPMorgan to pay a total of over US$50 million (RM235 million) to settle charges of swap reporting failures and other violations, the agency said.
JPMorgan, Bank of America, and Goldman Sachs will pay civil monetary penalties of US$15 million, US$8 million, and US$30 million respectively, the CFTC said in a statement.
Goldman Sachs was penalised for failing to diligently supervise a wide range of its swap dealer activities, and “for unprecedented failures regarding swap data reporting,” the commission said.
The order announced Friday also includes Goldman Sachs taking steps to develop a written remediation plan and retain a consultant to advise on and assess its remediation plan.
JPMorgan was fined for violations related to swaps reporting, while Bank of America was penalised over “failing to diligently supervise swaps reporting and failing to comply with swaps reporting obligations,” the commission added.
The commission said its order recognised “substantial cooperation” from each of the three banks with regulators and added that the cooperation resulted in reduced civil monetary penalties. — Reuters
