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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-05-11T19:28:00
The Bank of Nova Scotia and HSBC were fined $22.5 million and $15 million, respectively, by U.S. regulators on Thursday for admitted recordkeeping failures regarding employee use of off-channel communications to conduct company business.
The Bank of Nova Scotia (also known as Scotiabank) and its affiliate, Scotia Capital USA, were fined a collective $15 million by the Commodity Futures Trading Commission (CFTC) and an additional $7.5 million by the Securities and Exchange Commission (SEC) for longstanding failures to properly maintain, preserve, or produce records and for failing to provide proper oversight of employees use of off-channel communications on personal cell phones and messaging platforms, including WhatsApp.
HSBC Securities was fined $15 million by the SEC for similar compliance failures.
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News and analysis for the well-informed compliance or audit exec.
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2023-08-09T15:10:00Z By Aaron Nicodemus
The Securities and Exchange Commission and Commodity Futures Trading Commission have indicated they will be more forgiving to financial services firms that voluntarily self-report recordkeeping violations and take remedial actions before being asked to do so.
2023-08-08T15:48:00Z By Kyle Brasseur
The Securities and Exchange Commission and Commodity Futures Trading Commission continued their crackdown on financial firms’ recordkeeping failures regarding employee use of off-channel communications with $555 million in total fines levied against nine institutions and their affiliates.
2023-07-28T16:00:00Z By Jeff Dale
BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission and Commodity Futures Trading Commission regarding alleged use of off-channel communications for business by employees.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
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