By Dean Seal


Goldman Sachs is the latest bank to be fined by regulators for alleged record-keeping violations.

The U.S. Commodity Futures Trading Commission said Tuesday that Goldman would pay a $5.5 million penalty to resolve claims that it failed to retain thousands of audio recordings of employee phone calls related to swaps trading and other transactions.

The bank neither admits nor denies the allegations, according to an agency order. "We are pleased to have this matter resolved," a spokesperson for the bank said.

The CFTC and U.S. Securities and Exchange Commission, two of Wall Street's top regulators, have been cracking down on major financial firms for allegedly breaking record-keeping rules. Earlier this month, the agencies jointly fined Wells Fargo, BNP Paribas and two other firms a combined $555 million over its employees' admitted use of banned messaging applications.

On Tuesday, the CFTC said it fined Goldman $1 million in 2019 for failing to maintain certain recordings from five years earlier, prompting the bank to start recording calls using the services of two vendors.

According to the agency, both vendors' recording systems had issues that caused them to fail to fully record certain calls during 2020.

The CFTC said Goldman provided assistance in its investigation into the matter, including by conducting impact analyses for the vendor issues and sharing results from those analyses.


Write to Dean Seal at


(END) Dow Jones Newswires

August 29, 2023 13:25 ET (17:25 GMT)

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