08.08.23
Banks Fined $549 Million over Use of WhatsApp and Other Messaging Apps
by: Matthew Goldstein
Eleven brokerage firms and investment advisors agreed to pay $549 million in fines to settle charges by U.S. regulators of improper policing of employee communications on private messaging services. Wells Fargo, BNP Paribas, Société Générale and Bank of Montreal were hit with the biggest penalties by the Securities and Exchange Commission and Commodity Futures Trading Commission, together accounting for nearly 90% of the fines, according to statements released by the regulators. The latest round of fines adds to the nearly $2 billion in penalties against big Wall Street banks announced last year for similar violations. In all, the regulators have now penalized more than two dozen banks and investment firms for not properly policing employees use of “off channel” messaging services.
Read the full article on New York Times