Friday, December 17, 2021

JPMorgan Chase agreed to pay $200 million in fines


JPMorgan Chase is paying $200 million in fines to two U.S. banking regulators to settle charges that its Wall Street division allowed employees to use WhatsApp and other platforms to circumvent federal record-keeping laws.


even the managers and senior personnel responsible for compliance used their personal devices to communicate sensitive business matters, the SEC said.


Federal law requires financial firms to keep meticulous records of electronic messages between brokers and clients so regulators can make sure those firms aren’t skirting anti-fraud or antitrust laws.