US regulators fine firms $549 million for using messaging apps

Feds say brokers violated recordkeeping laws by using WhatsApp and similar services

US Securities and Exchange Commission website

Two US regulators fined several major financial groups and investment firms more than $500 million on August 8 after finding their staff used messaging apps for official business.

The Commodity Futures Trading Commission fined Wells Fargo, Societe Generale and BNP Paribas, and their securities arms, $75 million each for allowing employees to employ “unapproved communication methods, including messages sent via personal text or WhatsApp”. The CFTC fined the Bank of Montreal $35 million.


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