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Goldman Sachs Ordered To Pay $1 Mln Fine For Recordkeeping Violations

The Commodity Futures Trading Commission ordered Goldman Sachs Group to pay $1 million penalty for failing to make and keep certain audio recordings as required under regulations for swap dealers.

CFTC found that Goldman's failure impeded an unrelated investigation conducted by the Division of Enforcement.

The order also found that Goldman began using recording hardware to record the phone lines of trading and sales desks in March 2013. In January 2014, after the installation of a software security patch in one of Goldman's offices, the recording hardware in that office restarted prematurely and, as a result, failed to record audio.

CFTC said that Goldman was unaware of the error for approximately three weeks, until it conducted an unrelated spot-check of the affected office's recording system, at which point Goldman identified the failure and re-engaged the recording system.

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