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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Compliance Week2024-02-09T17:00:00
The Securities and Exchange Commission’s (SEC) and Commodity Futures Trading Commission’s (CFTC) crack down on recordkeeping failures by financial services firms regarding employee use of off-channel communications for business purposes began in December 2021 and hasn’t shown any signs of slowing since.
The agencies have combined to levy about $2.8 billion in penalties against firms and their affiliates in response to the violations. Firms have admitted their failures and been required to retain independent compliance consultants to review their off-channel communication recordkeeping policies and procedures and how they address noncompliance by employees.
The below table summarizes the SEC’s and CFTC’s enforcement activities regarding off-channel communications. Violations by affiliates have been accounted for under their parent companies for presentation purposes.
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2024-03-06T18:51:00Z By Kyle Brasseur
Ameriprise Financial disclosed it recorded a $50 million accrual related to the resolution of a Securities and Exchange Commission probe into use of off-channel communications by its employees for conducting business.
2024-02-09T17:05:00Z By Aaron Nicodemus
The ongoing off-channel communications sweep by the Securities and Exchange Commission netted 16 more broker-dealers and investment advisers, with the latest wave of fines totaling more than $81 million.
2023-09-29T15:31:00Z By Kyle Brasseur
A dozen financial services firms were penalized by the Securities and Exchange Commission as the agency continues its enforcement sweep of recordkeeping violations regarding employee use of off-channel communications for business purposes.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor over $1 trillion worth of customer transactions.
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