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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-08-15T16:43:00
Two regulators doled out more than $477 million in fines on a new group of broker-dealers, investment advisers, and swaps dealers that failed to maintain and preserve the electronic communications of their employees, bringing total such fines issued since 2021 to $3.2 billion.
The fines, announced Wednesday by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), are part of an ongoing enforcement sweep of off-channel communication violations that officials have mentioned in public repeatedly.
The agencies said the violations were long-standing and pervasive, involving junior employees as well as senior managers who were supposed to be enforcing policies that required employees to use electronic communications that were monitored and recorded. The policies forbade the use of nonapproved communication tools, like personal emails, chats, and instant messaging apps to conduct company business.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
Register for free
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2024-07-18T14:27:00Z By Adrianne Appel
Nearly three-quarters of compliance professionals at investment firms have made testing for off-channel and electronic communications surveillance a top priority in mock exams, according to a new poll, with more than half calling it the “hottest” topic of discussion.
2024-02-09T17:00:00Z By Compliance Week
The Securities and Exchange Commission and Commodity Futures Trading Commission have combined to levy about $2.8 billion in penalties (so far) against firms and their affiliates in response to recordkeeping failures regarding employee use of off-channel communications for business purposes.
2023-11-17T21:58:00Z By Aaron Nicodemus
The new messaging on use off-channel communications for business should be clear: What was done before is no more. It cannot continue. The stakes are too high.
2024-08-16T18:17:00Z By Jeff Dale
The Commerce Department’s Bureau of Industry and Security issued guidance to academic research institutions on trends in voluntary self-disclosure to improve export control compliance.
2024-08-14T17:44:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
2024-08-13T21:00:00Z By Adrianne Appel
Women’s apparel importer Alexis agreed to pay nearly $7.7 million to settle allegations, first raised by a whistleblower, that it intentionally underpaid customs duties, according to the Department of Justice.
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