Big Banks Face $1 Billion in Fines Over WhatsApp, Other Unapproved Message Tools, Says Report


Link: THE BL

Major banks such as JPMorgan Chase, Citigroup, and Bank of America are collectively facing more than $1 billion in regulatory fines, after employees used unapproved communication tools, such as private email and messaging apps like WhatsApp.

The U.S. Securities and Exchange Commission (SEC) discovered the violations after probing several banks’ record-keeping practices relating to the use of personal devices in 2021, as first reported in a previous Reuters exclusive.