Nine Wall Street firms fined $549 mln by US regulators in latest texting probe
By MYBRANDBOOK
U.S. regulators has fined nine Wall Street companies, including Wells Fargo, BNP Paribas and Société Générale $549 million over employees' use of personal messaging apps to discuss deals, trades and other business.
Wells Fargo, BNP Paribas, SocGen, the Bank of Montreal, boutique brokers Wedbush Securities, Moelis & Company, and Houlihan Lokey, and Japanese brokers Mizuho and SMBC Nikko Securities have now agreed to pay a combined $289 million to the U.S. Securities and Exchange Commission (SEC). The regulator said in a separate statement that Wells Fargo, BNP Paribas, SocGen, BMO, and Wedbush will pay a further $260 million to the Commodity Futures Trading Commission (CFTC) for similar violations.
The penalties mark the latest wave of a sweeping two-year enforcement probe targeting Wall Street's use of so-called "off channel" work communications such as text and WhatsApp messages in breach of rules which require firms to retain certain work-related communications.
All nine firms admitted that from at least 2019 their employees often communicated on personal devices using iMessage, WhatsApp and Signal. The regulator said that this was a "pervasive and longstanding" violation of its record-keeping rules.
Spokespeople for Wells Fargo, which agreed to pay $200 million in penalties to the SEC and CFTC, and Bank of Montreal, which agreed to pay $60 million, told Reuters that the firms are pleased to have resolved the matter.
Since late 2021, the SEC and CFTC have been probing broker dealers over the record-keeping failures. JPMorgan Chase and Co, Barclays, Bank of America and others have shelled out more than $2 billion in related fines.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
TEJAS NETWORKS INDIA PVT. LTD.
STERLITE TECHNOLOGIES LTD.
MATRIX COMSEC PVT. LTD.
ATRIE TECHNOLOGY PVT. LTD.
Technology Icons Of India 2023: Amitabh Kant
Amitabh Kant is presently the G20 Sherpa of India during its Presidenc...
Technology Icons Of India 2023: Deepinder Goyal
Deepinder Goyal is the Founder and CEO of Zomato. Deepinder, or Deepi,...
Technology Icons Of India 2023: Aalok Kumar
Aalok continues to lead the India business and further strengthen Indi...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
CSCs enabling rural India digitally empowered
Common service centres (CSCs) are digital access points under the Digi...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...
IRIS GLOBAL SERVICES PVT. LTD.
Iris Global services is one of the leading distribution houses that d...