The Financial Industry Regulatory Authority fined five affiliates of ING Groep NV (ING, INGA.AE) $1.2 million amid findings that the units of the Netherlands-based banking giant failed to retain or review millions of emails for various periods between 2004 and 2012.
Finra said its findings showed that the units violated record-keeping provisions under federal securities law as well as Finra rules. The firms neither admitted nor denied the charges, but consented to the entry of Finra’s findings.
According to Finra, the ING units failed to properly configure hundreds of employee email accounts to ensure that emails sent to and from those accounts were retained and reviewed. Finra said that at four of the firms, nearly six million emails flagged for supervisory review by email software went unreviewed because the software wasn’t configured properly.
Read more: Fox Business, February 19, 2013