U.S. regulators announced a combined $549 million in penalties against firms that failed to maintain electronic records of employee communications.
Bank of Montreal has "made significant enhancements to our compliance procedures in recent years" and is pleased to have the matter behind it, said spokesman Jeff Roman.Apart from the fines, banks were ordered to "cease and desist" from future violations and hire consultants to review bank policies, the SEC said.
On Wall Street, company records of emails and other communications via official channels are often automatically generated to adhere to requirements that clients are treated fairly. But after some of the industry's biggest scandals of the past decade hinged on incriminating messagesEncrypted messages sent on third-party platforms like Signal make it impossible for banks to record and retain logs of interactions.
An analysis of 13 Wells Fargo employees, for instance, found that all had violated the bank's communications policies by using text messages to communicate with co-workers and market participants. They used the side channels to communicate with more than 100 other employees, including senior supervisors, over thousands of messages, according to the CFTC"Employees' use of unapproved communication methods was not hidden within the firm," the CFTC said.
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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulatorsSeveral banks have been fined a total of $549 million for using Signal and WhatsApp to evade regulators. The banks admitted to violating federal securities laws by failing to preserve records. In addition to the fines, the banks have been ordered to cease future violations and hire consultants to review their policies.
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Regulators hit Wall Street banks with $549 million in penalties for record-keeping failuresU.S. regulators have imposed a total of $549 million in penalties on Wall Street banks for their failure to maintain electronic records of employee communications. Wells Fargo, although a smaller player, received the highest fines amounting to $200 million.
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Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss businessWells Fargo and other Wall Street firms have been fined a total of $549 million for using messaging platforms like WhatsApp and Signal for 'off-channel' communications, violating federal recordkeeping requirements. The Securities and Exchange Commission found widespread and long-standing use of these platforms at Wells Fargo, BNP Paribas, SG Americas, BMO Capital Markets, Mizuho Securities, Houlihan Lokey, Moelis, Wedbush, and SMBC Nikko Securities America.
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US regulators impose record-keeping fines on more Wall Street firmsU.S. regulators have fined several Wall Street firms a total of $549 million for failing to properly keep records of employees' use of personal text messages and messaging apps. The Securities and Exchange Commission (SEC) launched investigations into investment advisers and broker dealers after announcing similar actions last September. Compliance with record-keeping requirements is crucial for investor protection and market efficiency.
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