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$1.8 billion in fines. Employees discussed financial details of customers through private WhatsApp and SMS. Some suggested switching to Signal

$1.8 billion in fines.  Employees discussed financial details of customers through private WhatsApp and SMS.  Some suggested switching to Signal

The US SEC (Securities and Exchange Commission) doesn’t stick around. was punished Total 16 Institutes:

From January 2018 to September 2021, bank employees used the app to communicate with colleagues, customers and other external consultants on business matters such as loan/share transactions. on your personal devices; For example, SMS or WhatsApp was in use. Firms do not retain most of these private conversations, in violation of federal laws requiring broker-dealers and other financial institutions to keep records of their business communications.

From January 2018 to September 2021, the banks’ employees routinely communicated with colleagues, clients and other third-party advisers about business matters such as loan and equity deals using their personal devices, such as text messages and apps such as WhatsApp, the agencies said. The companies did not protect most of those private chats, in violation of federal rules that require broker-dealers and other financial institutions to protect commercial communications.

Among those convicted were giants such as Barclays, Bank of America, Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley and UPS. Also, at least in some cases, the use of private staffing systems to communicate with customers is widespread:

The failures occurred at all 16 firms and involved employees at multiple levels, including senior and junior investment bankers and traders, the SEC said.

Curiously, according to Reuters reports, the signal appeared in the prescribed contacts, and in some cases the operation was aimed at hiding traces of financial crime:

The head of the trading desk routinely directed traders to delete messages on personal devices and use the signal, including the CFTC’s inspection. In another example, a Nomura trader deleted messages that included incriminating statements about trading, after the CFTC sent a request to preserve the documents, his office said.

~ MS

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