US regulators unveiled fines of almost $350 million on Thursday against US bank JP Morgan Chase for what they called inadequate trade reporting and surveillance.  

The fines, levied by the US Federal Reserve and the Office of the Comptroller of the Currency (OCC), relate to issues with the US banking giant's trading program between 2014 and 2023, the Fed said in a statement. 

The Fed said it had fined JP Morgan around $98.2 million for running "an inadequate program to monitor firm and client trading activities for market misconduct."

In a separate statement, the OCC announced it had issued a $250 million civil penalty against the bank after finding it "operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program." 

JP Morgan chase did not immediately respond to a request for comment. 

The Fed statement said the US central bank's actions required JP Morgan Chase "to review and take corrective action to address the firm's inadequate monitoring practices, which occurred between 2014 and 2023."

The OCC said its actions also required the bank to improve its trade surveillance program, and to check in before "onboarding new trading venues."