Major Penalties For Big Names like TD Bank and RBC Capital Markets

hey Sun Bitcoin fam welcome back to the channel where we break down the biggest financial news and Trends so you don't have to today we're diving into some major penalties hitting big names like TD Bank and RBC Capital markets these guys just got slammed by us Regulators for using unapproved communication methods like private texting and WhatsApp stick around because this story is packed with drama massive fines and some serious lessons for the financial world so what exactly happened let's break it down the US Securities and Exchange Commission sec C charged 26 firms including broker dealers investment advisers and dual registrants for using off-channel Communications basically messaging apps that aren't officially approved for business use why is this a big deal well it undermines the regulator's ability to Monitor and oversee the markets and that's a major no no among these 26 firms we have some big names like TD Bank and RBC Capital markets they've been slapped with some Hefty fines TD is paying over $100 million in total fines and RBC Capital markets is coughing up $45 million but that's just the tip of the iceberg the SEC didn't hold back they hit all these firms with a combined total of nearly $393 million in penalties and it doesn't stop there the US commodity Futures Trading commission cftc also jumped in finding TD Bank an additional $75 million for similar misconduct now what's Wild is that this isn't just about employees messing up according to the cftc TD's higher ups including senior level employees were also using unapproved methods like personal texts and the worst part these messages weren't being preserved as they should have been meaning they couldn't be handed over to Regulators when needed imagine that A bank's own policy is getting violated by the very people who are supposed to enforce them the cftc pointed out that even those in charge of making sure policies were followed were using off-channel Communications it's like the Fox guarding the hen house right TD didn't stop there with Their fines they also got hit with another $4 million penalty for failing to properly monitor electronic communications of their swap dealer Personnel over a 5-year period the cftc emphasized that communication surveillance is crucial to prevent Market abuse and other misconduct in the end TD Bank admitted to all the violations and decided to cooperate with The Regulators but that doesn't erase the fact that these penalties highlight the importance of having robust systems in place and making sure they're actually being followed so what does this all mean for the financial world it's a wake-up call for everyone in the industry whether you're a big bank or a small brokerage firm if you're not playing by the rules The Regulators are going to find out and the penalties are going to hurt it's about transparency trust and keeping the markets Fair that's all for today's breakdown folks if you found this video helpful smash that like button and don't forget to subscribe to Sun Bitcoin for more up updates on everything finance and crypto let us know in the comments what you think about these fines are they fair or too harsh and as always keep it locked on sun Bitcoin for your daily dose of financial news Made Simple also remember peace out