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The regulators have penalized major firms for recordkeeping failures when it comes to text messages, WhatsApp interactions, and other channels used for business.
The SEC and the CFTC have taken on major Wall Street firms and penalized them for alleged “widespread recordkeeping failures” and have gotten the firms to acknowledge their shortcomings and to pay penalties in the millions. The SEC alone has racked up $1.1 billion in penalties from 16 firms and the CFTC has settled charges...
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