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U.S. CFTC penalizes UBS $500,000 for failing to retain audio recordings

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Oct 14 (Reuters) – The U.S. Commodity Futures Trading Commission stated on Thursday it sanctioned banking group UBS AG (UBSG.S) $500,000 for failing to retain sure audio recordings for the time required below CFTC laws.

“The order finds that as a result of failures in UBS’s audio retention systems, the firm deleted over 1,000 hours of audio data after one day, including voice recording files that were required by CFTC regulations to be retained for one year”, the CFTC stated in a press release. The order requires UBS to pay a $500,000 civil financial penalty.

Reporting by Kanishka Singh in Bengaluru, Editing by Franklin Paul

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