Wall Street banks fined $549 million for failure to keep records

Securities and Exchange Commission (SEC) Chairman Gary Gensler testifies before the Senate Committee on Banking, Housing and Urban Affairs during a regulatory hearing on Capitol Hill in Washington September 15, 2022.

Evelyn Hockstein Reuters

US regulators on Tuesday announced penalties totaling $549 million against Wall Street firms that failed to keep electronic records of their employees’ communications.

The Securities and Exchange Commission announced Indictments and $289 million fines against 11 companies for “widespread and long-standing failures” in record keeping, including allowing employees to use unattended side channels like messaging apps WhatsApp and Signal the regulatory authority.

The Commodity Futures Trading Commission Also said it had fined four banks a total of $260 million for failing to keep records required by the agency.

Wells Fargothe fourth-largest US bank by assets and a relatively small player on Wall Street, imposed the most fines, totaling $200 million.

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https://www.cnbc.com/2023/08/08/regulators-hit-wall-street-banks-with-549-million-in-penalties-for-record-keeping-failures-.html Wall Street banks fined $549 million for failure to keep records


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