Ireland’s Central Bank fined JP Morgan for failure to maintain records of outsourcing decision process as part of the required governance.
JP Morgan becomes the first bank in Ireland facing a penalty for violation of the outsourcing regime, and in particular for outsourcing to not Irish supervised entities.
As per reported information the entity failed to demonstrate the approval process and to complete oversight of the activities outsourced.
As a result, the bank was unable to clearly identify and measure risk related to outsourcing or to the activities outsourced.
This comes as the agency noted that outsourcing and oversight are key pieces of a sound anti money laundering framework.
