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JPMorgan Irish subsidiary fined over outsourcing breach

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JPMorgan Irish subsidiary fined over outsourcing breach
FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar   -   Copyright  Mike Segar(Reuters)
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DUBLIN (Reuters) – Ireland’s Central Bank fined the Irish subsidiary of JPMorgan Chase & Co 1.6 million euros (1.43 million pounds) for regulatory breaches relating to the outsourcing of fund administration activities, the regulator said on Wednesday.

J.P. Morgan Administration Services (Ireland) admitted to failing to obtain prior regulatory approval to outsource the activities and to have adequate control systems to ensure it satisfied outsourcing requirements for fund administrators.

“As a result of these failings, JMPAS did not always have a clear understanding of, and controls around, its outsourcing arrangements. This undermined the ability of the firm to effectively identify and manage the risks associated with its outsourcing arrangements,” the central bank said in a statement.

(Reporting by Padraic Halpin; Editing by Edmund Blair)

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