Banking group JPMorgan Chase is facing regulatory action in Japan over corporate governance infringements relating to some of its trust banks in the country.
Bloomberg reports that JPMorgan is barred from accepting new business for six months in parts of its Japanese operations relating to real estate trusts and property.
Japan’s Financial Services Agency has also ordered the bank to improve its compliance measures and overhaul its corporate governance protocols.
According to the Financial Times, the compliance order will only affect a relatively small part of JPMorgan’s Japanese operations, but it nevertheless marks the latest in a series of run-ins between the FSA and the Wall Street institution recently.