The bank will pay the money to four regulators, including about $220m to the UK's Financial Conduct Authority.
Traders at the bank's London office built up huge losses in derivatives trades at the beginning of last year.
Two former JP Morgan traders face criminal charges in the US.
They deny charges of lying about the size of their trades in order to hide their mounting losses.
The Wall Street bank is paying $300m to the US Office of the Comptroller of the Currency (OCC), and $200m will go to both the Securities and Exchange Commission (SEC) and the US Federal Reserve.
In a statement, the SEC said there had been failings in JP Morgan's internal controls and in senior management.
The regulator said the bank had admitted the facts underlying the SEC's charges, and publicly acknowledged that it had violated federal securities laws.
"JP Morgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," said George Canellos, co-director of the SEC's division of enforcement.
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