The US Commodity Futures Trading Commission has ordered Goldman Sachs, Bank of America and JP Morgan to pay a total of over $50 million to settle charges of swap reporting failures and other violations.
The CFTC’s rewrite of its swaps reporting rules went live in December 2022, with the new amendments aiming to enhance data quality and improve harmonisation between jurisdictions.
At REGnosys, we’re helping firms eliminate reporting errors and the fines that come with them. Our Rosetta platform enables financial institutions to adopt a more efficient and standardised reporting process by harnessing Digital Regulatory Reporting (DRR). DRR digitises new reporting requirements in a transparent, standardised and cost-effective way, significantly reducing the likelihood of reporting errors.
Read the full article in Reuters.
For more on how our Rosetta platform can help firms comply with new regulatory reporting rules, click here.