The last couple of years have been full of headlines not only of firms being fined for failing to capture digital communications but also of firms themselves taking action against employees for breaching internal policies on the use of unmonitored channels. Wall Street firms in particular are reported to have demoted and exited personnel as well as clawing back bonuses and other remuneration for failing to adhere to the required approach to recordkeeping.
The personal consequences of a failure to capture digital communications are here to stay with regulators showing zero tolerance for continuing breaches. As an example, in December, the Financial Industry Regulatory Authority (FINRA) announced two disciplinary actions against individuals for failures to capture and retain digital communications.
