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Regulators Hit America’s Largest Bank With $200 Million Fine

Federal regulators fined the largest US bank $200 million on Friday for failing to track employees' use of messaging apps, including WhatsApp, to evade federal record-keeping laws. state.


Harry Wilmerding

Federal regulators fined the largest US bank $200 million on Friday for failing to track employees’ use of messaging apps, including WhatsApp, to evade federal record-keeping laws. state.

Securities and Exchange Commission (SEC) announced That Friday a subsidiary of JPMorgan Chase & Co. will pay $125 million after admitting a “common” record-keeping error. The Bank will pay an additional $75 million in fines to the Commodity Futures Trading Commission for allowing unapproved communications since 2015.

“Since the 1930s, record-keeping obligations and books and records have been an essential part of market integrity and a fundamental component of what makes the SEC an effective police officer.” SEC Chairman Gary Gensler said in the press release. “As technology changes, it is even more important for subscribers to ensure that their communications are appropriately recorded and not done outside of official channels to avoid market scrutiny. close.”

“As today’s order reflects, JPMorgan’s failures have hindered some Comission investigations and required staff to take additional steps that might not have been necessary,” said Deputy Director of Enforcement. of the SEC Sanjay Wadhwa said in a press release. “This settlement reflects the seriousness of these violations. Companies must share the mission of protecting investors rather than stifling it with inadequate recordkeeping.”

Federal law requires companies to keep detailed records of electronic messages between brokers and clients for regulators to monitor to see if companies are evading. anti-cheat and antitrust laws, according to CNBC.

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https://www.tampafp.com/regulators-hit-americas-largest-bank-with-200-million-fine/ Regulators Hit America’s Largest Bank With $200 Million Fine

DUSTIN JONES

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