CFTC fined Bank of Montreal $35 million for off-channel communications and recordkeeping failures
Company: Bank of Montreal
Summary
On August 8, 2023, the U.S. Commodity Futures Trading Commission ordered Bank of Montreal to pay a $35 million civil monetary penalty for failing over a period of years to preserve business communications conducted through unapproved channels such as personal texts and WhatsApp, and for related supervision failures. The CFTC order states that BMO admitted the facts in the order. Primary source: https://www.cftc.gov/PressRoom/PressReleases/8762-23