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The finance sector’s $2.5 billion communications compliance crisis

Businessman using mobile phone
Photo: Oli Scarff/Getty Images

Martin Cloake, Julie DiMauro

9 min read
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If the JPMorgan comms fine was supposed to be a wake-up call, financial services has slept through the alarm. We assess a problem that is not going away.

In December 2021, JPMorgan was fined $125m by the SEC and $75m by the CFTC for failing to maintain and preserve electronic records and for failing to reasonably supervise with a view to preventing and detecting those failures.

In September 2022, 15 Wall Street firms admitted to wrongdoing and agreed to pay penalties

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