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Regulators hit Wall Street banks with $549 million in penalties for record-keeping failures - CtrlF.XYZ

Regulators hit Wall Street banks with $549 million in penalties for record-keeping failures

1 year ago 90

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, testifies earlier the Senate Banking, Housing and Urban Affairs Committee during an oversight proceeding connected Capitol Hill successful Washington, September 15, 2022.

Evelyn Hockstein | Reuters

U.S. regulators connected Tuesday announced a combined $549 cardinal successful penalties against Wall Street firms that failed to support physics records of worker communications.

The Securities and Exchange Commission announced charges and $289 cardinal successful fines against 11 firms for "widespread and longstanding failures" to support records, including by allowing employees to usage unsupervised broadside channels specified arsenic messaging apps WhatsApp and Signal, the regulator said.

The Commodity Futures Trading Commission also said it fined 4 banks a full of $260 cardinal for failing to support records required by the agency.

Wells Fargo, the 4th biggest U.S. slope by assets and a comparatively tiny subordinate connected Wall Street, racked up the astir fines, with a full of $200 cardinal successful penalties.

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