UBS : U.S. CFTC penalizes UBS $500,000 for failing to retain audio recordings

(Reuters) - The U.S. Commodity Futures Trading Commission said on Thursday it sanctioned banking group UBS AG $500,000 for failing to retain certain audio recordings for the time required under CFTC regulations.

"The order finds that as a result of failures in UBS's audio retention systems, the firm deleted over 1,000 hours of audio data after one day, including voice recording files that were required by CFTC regulations to be retained for one year", the CFTC said in a statement. The order requires UBS to pay a $500,000 civil monetary penalty.

(Reporting by Kanishka Singh in Bengaluru, Editing by Franklin Paul)