FINRA Fines Various Banks Over Bad Record-Keeping Practices
None of the banks fined admitted to these charges, but they all agreed to pay the fines. The year 2016 will not end on a high for Wells Fargo, by the look of things. FINRA has fined the bank, as well as a few other institutions, for a combined US$14.4 million. Apparently, all of these banks suffer from record-keeping problems that could have lead to company and customer documents to be altered. Although electronic document-keeping should have improved overall transparency and accuracy, that has not been the case so far. Various financial institutions have failed to protect this....
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