A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business
issued $260 million in fines, for a combined sum of $549 million. Both agencies cited inadequate recordkeeping in compliance with regulations.
In recent years, regulators have cracked down on bankers' use of private messaging platforms for work-related purposes, such as WhatsApp and personal email addresses, which their employers are not able to effectively monitor. "Compliance with the books and records requirements of the federal securities laws is essential to investor protection and well-functioning markets," Gurbir S. Grewal, director of the SEC's division of enforcement,"While some broker-dealers and investment advisers have heeded this message, self-reported violations, or improved internal policies and procedures, today's actions remind us that many still have not," he continued.
The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while theThe specific firms and fine amounts are detailed below.
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US Regulators Fine Wall Street Firms $549 Million in Latest Texting ProbeUS 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.
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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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