Wall Street banks fined $549 million for not backing up messaging app histories
Securities laws require investment firms and banks to preserve communications records and ensure employees only carry out business through authorized channels.
Federal regulators said all firms admitted to the facts about unapproved communications in agreeing to the penalties. “As described in the SEC’s orders, the firms admitted that from at least 2019, their employees often communicated through various messaging platforms on their personal devices, including iMessage, WhatsApp, and Signal, about the business of their employers,” the SEC wrote in a statement.
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