Ireland Fines JPMorgan €1.6M For Outsourcing Breaches

Law360, London (June 26, 2019, 3:40 PM BST) -- The Central Bank of Ireland said Wednesday that it has hit an Irish subsidiary of JPMorgan Chase & Co. with a €1.6 million ($1.8 million) fine for breaching the country’s rules on outsourcing fund administration activities.

JPMorgan Administration Services (Ireland) Ltd., the U.S. banking giant’s Irish investment business, admitted that it did not have clear controls for its outsourcing arrangements, the Irish central bank said. The Irish arm failed to identify and manage any risks for periods between July 2013 and June 2016, and prevented the central bank from supervising its activities by failing to get approval from the watchdog to outsource...

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