June 26, 2019 / 7:29 AM / 3 months ago

JPMorgan Irish subsidiary fined over outsourcing breach

DUBLIN, June 26 (Reuters) - Ireland's Central Bank fined the Irish subsidiary of JPMorgan Chase & Co 1.6 million euros ($1.8 million) 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.

$1 = 0.8798 euros Reporting by Padraic Halpin Editing by Edmund Blair

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