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JPMorgan, UBS Brokerage Units Pay SEC Fines for Anti-Identity Theft Programs

The U.S. Securities and Exchange Commission headquarters in Washington, D.C.

The U.S. Securities and Exchange Commission headquarters in Washington, D.C.

Photographer: Al Drago/Bloomberg
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US brokerage units of JPMorgan Chase & Co. and UBS Group AG agreed to pay a combined $2.1 million in penalties to settle allegations from the Securities and Exchange Commission that they didn’t have the proper policies and programs in place to prevent customer identity theft.

According to the SEC, from at least January 2017 to October 2019 the firms didn’t have sufficient procedures for detecting identity theft in connection with client accounts. The brokerages, which didn’t admit or deny the allegations, violated regulations that lay out requirements for financial firms’ prevention programs, the agency said on Wednesday.