have fined four financial institutions over $250 million for allegedly failing to meet recordkeeping requirements for communications stemming from their use of unapproved communications tools.
The Commodity Futures Trading Commission on Tuesday announced a total of $260 million in fines, and Wells Fargo, BNP Paribas and Société Générale were each issued $75 million penalties. The Bank of Montreal is facing a $35 million fine. "With today’s actions, the CFTC has now brought enforcement actions against 18 financial institutions and imposed over $1 billion in penalties for violations of the CFTC’s recordkeeping and supervision requirements involving the use of unapproved communication methods," said CFTC Director of Enforcement Ian McGinley.
"The commission’s message could not be more clear — recordkeeping and supervision requirements are fundamental, and registrants that fail to comply with these core regulatory obligations do so at their own peril." Wells Fargo, BNP Paribas, Societe Generale and other financial firms were hit with regulatory fines for allegedly failing to preserve communications records.
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