JP Morgan fined 1.6€ Million for violation of outsourcing regime

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.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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