US regulators fine firms $549 million for using messaging apps

Feds say brokers violated recordkeeping laws by using WhatsApp and similar services

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US Securities and Exchange Commission website

Two US regulators fined several major financial groups and investment firms more than $500 million on August 8 after finding their staff used messaging apps for official business.

The Commodity Futures Trading Commission fined Wells Fargo, Societe Generale and BNP Paribas, and their securities arms, $75 million each for allowing employees to employ “unapproved communication methods, including messages sent via personal text or WhatsApp”. The CFTC fined the Bank of Montreal $35 million.

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