Blowback from the large fines levied against banks and financial services firms for allowing off-channel business communications by their employees continues to reveal itself in varying ways.
The issue gained widespread attention as part of a regulatory crackdown by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), who combined to issue $2 billion worth of penalties against a dozen of the world’s largest financial institutions between December 2021 and September 2022.
