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Podcast: Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Episode: Season 6, Episode 1: $2 billion in fines, for texts
Description: This episode examines a crackdown by U.S. regulators against “off-channel” communications on Wall Street. In September 11 major firms including Goldman Sachs, Morgan Stanley and Bank of America were fined a total of $1.8 billion for regulatory violations involving the use of unauthorized communications including texts and WhatsApp instant messages. The violations involved tens of thousands of messages sent or received by senior trading desk managers and their staff, raising the prospect that they could be used to evade protections against misconduct such as insider trading. In this episode of Compliance Clarified, Randall Mikkelsen, managing editor for North America, is j...