Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss business

  • 📰 CNN
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 95%

Business News News

Business Business Latest News,Business Business Headlines

Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements.

The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said its investigation uncovered “pervasive and longstanding ‘off-channel’ communications” at Wells Fargo, BNP Paribas, SG Americas, BMO Capital Markets, Mizuho Securities, Houlihan Lokey, Moelis, Wedbush and SMBC Nikko Securities America.

The settlement is the latest in a broader crackdown by regulators into how the industry failed to maintain and preserve electronic communications by using personal devices. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rivian earnings: Wall Street eyes $1 billion in Q2 revenue for EV makerWall Street is looking for Rivian to hit $1 billion in quarterly revenue and keep a lid on costs.
Source: MarketWatch - 🏆 3. / 97 Read more »

U.S. stocks open higher as Wall Street comes off its worst week since MarchU.S. stock indexes opened higher on Monday morning after the S&P 500 and Nasdaq Composite closed out their worst weekly performance since March. Investors’...
Source: MarketWatch - 🏆 3. / 97 Read more »

UBS rejigs investment bank in bid to better compete with Wall StreetUBS announced an overhaul of its investment banking division on Monday, including naming the unit's M&A chiefs, marking a key step in integrating Credit Suisse.
Source: Reuters - 🏆 2. / 97 Read more »