Key Points:

• JPMorgan Chase was penalized by the Securities and Exchange Commission for accidentally deleting 47 million emails.
• The majority of the business records that the bank is required by SEC regulations to keep for at least three years are contained in the emails.
• Additionally, JPMorgan did not deny or admit any wrongdoing, pointing out that the incident occurred by accident.

The SEC’s crackdown has hurt JPMorgan Chase, the largest bank in the United States. The regulator assessed the bank a $4 million fine on Thursday for permanently and accidentally deleting nearly 47 million emails. The majority of these emails, which are known to contain business records, belong to the retail banking group.

Tens of millions of employee emails were the specific deleted records. Additionally, the largest U.S. bank was required to keep these emails for three years under SEC rules, according to the initial report on the fine.

Before destroying such records, JPMorgan is required to do so in accordance with SEC guidelines. However, 8,700 mailboxes had their emails from January 1 through April 23, 2018, deleted in 2019.

Additionally, JPMorgan did not deny or admit any wrongdoing, pointing out that the incident occurred by accident. In light of the civil settlement, the bank has decided to implement its email encryption procedure to prevent similar incidents in the future.

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The SEC claims that some communications from the 1970s and 1980s were not deleted by the bank. However, the bank had to get in touch with an outside service that was managing JPMorgan’s email archive because it didn’t do so, and that service accidentally deleted the emails in 2019.

In addition, the report stated that JP Morgan is currently unable to comply with “at least 12 civil securities-related regulatory probes to comply with subpoenas and document requests for communications that had been permanently deleted.”

Since a long time ago, securities law breakers have been closely monitored by the SEC, more frequently in the crypto market than in the TradFi market. The two largest cryptocurrency exchanges in the world, Binance and Coinbase, have been the targets of the most recent crackdown.