The action represents a rare escalation from regulators looking into such an issue, with fines tending to be significantly lower in the past. The sweeping civil probes rank among the largest-ever penalties levied against US banks for record-keeping lapses, dwarfing a US$15 million penalty imposed on Morgan Stanley in 2006 over its failure to preserve emails. Morgan Stanley said in July it was nearing a settlement that would see it pay a US$200 million fine – a figure that was likely to be mirrored by its biggest rivals. Other major banks also disclosed setting aside similar figures at the end of their second-quarter earnings without specifying the reason. JPMorgan Chase has been the only bank until now to reach a settlement with the regulators, and was the first to report the fines in December. Finance firms are required to scrupulously monitor communications involving their business to head off improper conduct.