- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-07-28T16:00:00
French bank BNP Paribas disclosed it reached proposed settlements with the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) regarding alleged use of off-channel communications for business by employees.
Investigations by the regulators concerned “compliance with records preservation requirements relating to the use of unapproved electronic messaging platforms for business communications,” the bank said in its consolidated financial statements for the first half of 2023.
BNP Paribas Securities Corp. reached proposed settlements with the CFTC and SEC, while BNP Paribas SA reached a proposed settlement with the CFTC. The settlements are subject to final approval by the regulators.
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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.
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