Banks have been fined more than $2.5 billion for violating record-keeping laws.

Summary via TLDRThis:

Banks with employees covertly texting about official business on apps like Signal, WhatsApp, and iMessage have been caught red-handed.

Wells Fargo was hit with the biggest fines, agreeing to pay the SEC a $125 million penalty and the CFTC another $75 million.

Ars reached out to the firms fined, but most declined to comment.

Only Wells Fargo responded to say, “We’re pleased to resolve this matter.” [

It seems likely the banks will crack down on employees texting, but in case they don’t, the agencies also ordered firms “to retain independent compliance consultants to, among other things, conduct comprehensive reviews of their policies and procedures relating to the retention of electronic communications found on personal devices and their respective frameworks for addressing non-compliance by their employees with those policies and procedures.”

  • sadreality@kbin.social
    42·
    1 year ago

    Record retention rules are designed so that business cant hide crime as it is happening.

    Using signal or private emails in case of politicians are used to side step these rules to commit crimes.