CFTC, CIBC
CIBC paying US$42 million for U.S. records-keeping violations
TORONTO — CIBC is the latest Canadian bank to face fines for records-keeping violations in the United States. The Commodity Futures Trading Commission (CFTC) has imposed a US$30-million penalty, while the Securities and Exchange Commission announced charges that have led to a US$12-million penalty against two CIBC divisions.
CIBC Hit With Record-Keeping Penalties in U.S. From CFTC, SEC
The CFTC order imposes a $30 million civil monetary penalty and orders CIBC to cease and desist from further violations of record-keeping and supervision requirements. The commission said it also was ordering CIBC, which admitted the facts in the order, to engage in specific remedial undertakings.
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