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Wall Street WhatsApp probe will result in historic fine: Bloomberg Law – Technology News Jani

Wall Street WhatsApp probe will result in historic fine: Bloomberg Law – Technology

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US regulators are poised to announce settlements with Wall Street firms for failing to monitor employees using unauthorized messaging apps. Bloomberg Law reported Tuesday, citing a person with knowledge of the matter.

According to US bank disclosures, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) could levy total fines of nearly $2 billion.

A settlement announcement is expected as early as Wednesday. Bloomberg Law Reported

Regulators did not immediately respond to Reuters’ request for comment.

Wall Street firms have faced challenges in tracking staff communications during the work-from-home pandemic, especially on personal devices. Citigroup Inc, JPMorgan Chase & Co and Goldman Sachs Group Inc are some of the big banks under industry-wide scrutiny.

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