Last month, Goldman Sachs was fined $5.5 million by the Commodity Futures Trading Commission (CFTC) for record-keeping failures.
In September 2022, the tier one bank agreed to pay regulators $200 million after traders used instant messaging apps like WhatsApp to discuss business matters, violating record-keeping regulations. The firm was also fined another $1 million back in 2019 for recording failures.
Director of Enforcement at the CFTC, Ian McGinley, said, “As this case demonstrates, the CFTC will continuously pursue swap dealers that fail to meet their recording obligations and there will be consequences for violating CFTC orders, including increased penalties.”
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