HomeMarket NewsGoldman Sachs Faces $5.5 Million Fine from CFTC for Violating Recordkeeping Rules

Goldman Sachs Faces $5.5 Million Fine from CFTC for Violating Recordkeeping Rules

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The Commodity Futures Trading Commission (CFTC) announced on Tuesday that Goldman Sachs (NYSE:GS) has been fined $5.5 million for failure to comply with recordkeeping requirements.

The CFTC determined that Goldman Sachs violated a previous order by not properly recording and preserving certain audio files. In November 2019, the investment bank failed to record the phone lines of a trading and sales desk for a period of 20 days. Although Goldman Sachs experienced recording hardware issues following a software patch, it did not meet the cease-and-desist provision of the earlier order.

Further recordkeeping failures occurred starting in March 2020, resulting in additional violations of the cease-and-desist provision. Nevertheless, Goldman Sachs has been cooperating with the CFTC’s investigation.

Source: Benzinga.com

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