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