JPMorgan Chase (JPM 0.98%) may get hit with another civil penalty order after just recently paying a record fine for manipulative trading, the bank disclosed in a regulatory filing earlier this week.
The bank said one of its regulators has said the penalty could be related to "historical deficiencies in internal controls and internal audit over certain advisory and other activities."
CNBC reported that the matter could involve the bank's asset and wealth management division, which has $2.6 trillion in assets under management.
Image source: JPMorgan Chase.
JPMorgan also said in the filing that the bank has already addressed the issues related to the civil order, and that it is currently in talks with the unnamed regulator to resolve the issue, although nothing is guaranteed.
The news comes after the bank just paid more than $920 million for manipulative trading practices on precious metals and U.S. Treasury future contracts in a practice known as "spoofing." The fine is the largest ever issued by the Commodity Futures Trading Commission (CFTC) for a spoofing violation.
The spoofing matter also resulted in a three-year deferred prosecution with the U.S. Department of Justice for wire fraud, and a $35 million fine from the Securities and Exchange Commission related to the same matter.
JPMorgan Chase isn't the only bank facing issues with its internal controls. Federal banking regulators last month slapped Citigroup (C 1.18%) with a $400 million civil penalty order for what they called long-standing issues with controls related to compliance, data, and risk management.
