US regulators have fined nine Wall Street companies, including Wells Fargo, BNP Paribas, and Société Générale, a total of $549 million for their employees' use of personal messaging apps to discuss deals, trades, and other business.
US regulators on Tuesday fined nine Wall Street companies, including Wells Fargo, BNP Paribas and Société Générale $549 million over employees’ use of personal messaging apps to discuss deals, trades and other business.
Wells Fargo, BNP Paribas, SocGen, BMO, and Wedbush will pay a further $260 million to the Commodity Futures Trading Commission for similar violations, the regulator said in a separate statement.BNP Paribas agreed to pay a combined $110 million.All nine firms admitted that from at least 2019 their employees often communicated on personal devices using iMessage, WhatsApp and Signal, the SEC said, in what the regulator said was a “pervasive and longstanding” violation of its record-keeping rules.
While it is standard practice at most banks to maintain records of employees’ email communications, firms have struggled to get employees to reliably use approved channels for more spontaneous or casual communications.
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Regulators hit Wall Street banks with $549 million in penalties for record-keeping failuresU.S. regulators have imposed a total of $549 million in penalties on Wall Street banks for their failure to maintain electronic records of employee communications. Wells Fargo, although a smaller player, received the highest fines amounting to $200 million.
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Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss businessWells Fargo and other Wall Street firms have been fined a total of $549 million for using messaging platforms like WhatsApp and Signal for 'off-channel' communications, violating federal recordkeeping requirements. The Securities and Exchange Commission found widespread and long-standing use of these platforms at Wells Fargo, BNP Paribas, SG Americas, BMO Capital Markets, Mizuho Securities, Houlihan Lokey, Moelis, Wedbush, and SMBC Nikko Securities America.
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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulatorsSeveral banks have been fined a total of $549 million for using Signal and WhatsApp to evade regulators. The banks admitted to violating federal securities laws by failing to preserve records. In addition to the fines, the banks have been ordered to cease future violations and hire consultants to review their policies.
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Banks fined $549 million for hiding messages in iMessage and SignalWells Fargo and other firms have been fined by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for using smartphone messaging apps, such as iMessage and Signal, to hide discussions dating back to at least 2019.
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US regulators impose record-keeping fines on more Wall Street firmsU.S. regulators have fined several Wall Street firms a total of $549 million for failing to properly keep records of employees' use of personal text messages and messaging apps. The Securities and Exchange Commission (SEC) launched investigations into investment advisers and broker dealers after announcing similar actions last September. Compliance with record-keeping requirements is crucial for investor protection and market efficiency.
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