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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-08-23T17:36:00
The U.K.’s Office of Gas and Electricity Markets (Ofgem) fined Morgan Stanley 5.4 million pounds (U.S. $6.8 million) for allegedly failing to record and retain electronic communications by its wholesale energy traders over two years.
The penalty against Morgan Stanley & Co. International (MSIP), announced Wednesday, is Ofgem’s first fine levied against a firm for use of off-channel communications via WhatsApp for discussing energy market transactions, the regulator said.
From January 2018 to March 2020, Morgan Stanley failed to record and retain electronic communications related to trading wholesale energy products, Ofgem said.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
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Our lowest price ($1 per day) for one year.
2024-05-21T12:45:00Z By Ruth Prickett
A recent survey by surveillance technology firm SteelEye found most financial institutions do not monitor their employees’ use of social media or factor in market risks exacerbated by social media posts.
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.
2023-08-21T18:20:00Z By Aaron Nicodemus
Discover Financial Services is “paying the price” for underinvesting in compliance over the past several years and has been ramping up spending and hiring to catch up, two senior executives said in a call with analysts.
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 more than $1 trillion worth of customer transactions.
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