SEC penalizes WhatsApp use

27. October 2022 | Blog

SEC penalizes WhatsApp use

American and European banks have to pay fines in the three-digit millions because their employees used insecure chat systems such as Whatsapp or iMessage and thus violated compliance rules. More than one billion US-Dollars are outstanding in total. All the big names in the banking sector are affected, including industry giants such as JPMorgan, Bank of America, Credit Suisse and Deutsche Bank. Some penalties have already been issued, others are to follow.

Strict compliance rules apply to banks and especially to investment banks within the United States. Since the corporations did not prevent employees from communicating about company matters via chats on private cell phones, the U.S. authorities assume that the misconduct was deliberately tolerated. Ultimately it may even have been ordered in individual cases, with the aim of concealing communication data or keeping it out of legal proceedings. In these cases, the SEC and CFTC took notice and imposed severe penalties totaling $2 billion over the past two years.

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