• High-Profile Investigations By SEC, CFTC & Congress Target Mismanagemen

    From Bill Horne@21:1/5 to All on Tue Jul 26 21:19:27 2022
    by Kevin S. Dilallo and Joe Schmidt

    This week, two high-profile investigations have highlighted the
    enormous financial and legal risks created by lax management of
    employees' text messages, apps, and personal mobile devices in the
    workplace

    First was the announcement of a months-long probe by the Securities
    and Exchange Commission (SEC) and Commodity Futures Trading Commission
    (CFTC) of several Wall Street banks, which concluded that the banks
    had failed to comply with fundamental recordkeeping laws and
    regulations dating back to the 1930s and 40s. The widespread
    non-compliance, which occurred at all levels within the organizations,
    stemmed from employees' routine use of personal devices, email
    accounts, and text messaging apps for regulated financial transactions
    and related communications. The targeted institutions failed to
    maintain records of these communications and transactions as required
    by law. As a result, the two federal agencies slapped fines on them
    totaling One Billion Dollars to punish the recordkeeping violations.

    https://tinyurl.com/25fs7kzu

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