UK Financial Conduct Authority (FCA) Survey Reports 178 Breaches by Banking Staff in Using Non-Authorized Messaging Apps Including Whatsapp & Signal

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UK Financial Conduct Authority (FCA) Survey Reports 178 Breaches by Banking Staff in Using Non-Authorized Messaging Apps Including Whatsapp & Signal

8th August | Hong Kong

A UK Financial Conduct Authority (FCA) survey has reported 178 breaches by banking staff in using non-authorized messaging apps including Whatsapp & Signal.  In 2024 August, the United States Securities & Exchange Commission (SEC) fined 26 brokers-dealers & investment advisors $392.75 million for using unapproved communication methods such as whatsapp, resulting in failure to maintain communications records.  The 26 firms fined include BNY Mellon Securities, RBC Capital Markets, TD Securities, Apex & Haitong International.  Separately, the Commodity Futures Trading Commission announced settlements with The Toronto Dominion Bank, Cowen and Company, and Truist Bank for related conduct.  In 2023 October, the United States Securities & Exchange Commission (SEC) fined 10 firms $79 million for using text messaging platforms including Whatsapp and not maintaining records of communications, with the 10 firms fined include Nuveen Securities, William Blair, Interactive Brokers, Robert W. Baird & Co, Fifth Third Securities, Perella Weinberg Partners, Perella Weinberg Capital, Tudor, Pickering, Holt & Co. Securities.  In 2023 September, Goldman Sachs was reported to have fired the Head of Transaction Banking and senior executives for violating internal communications policies, with many top financial institutions including Goldman Sachs fined $1.8 billion in 2022 September (Citi, UBS, Credit Suisse, Goldman Sachs, Morgan Stanley, Bank of America, Deutsche Bank, Barclays) for Whatsapp usage.   In 2023 August, the United States Securities & Exchange Commission (SEC) fined 11 firms $289 million for record keeping failures & using off-channel communications including iMessage, Whatsapp & Signal since 2019, with the 11 firms (and subsidiaries) fined including Wells Fargo, BNP Paribas, BMO, Mizuho, SMBC Nikko, SG Americas, Houlihan Lokey, Moelis & Co & Wedbush.

“ UK Financial Conduct Authority (FCA) Survey Reports 178 Breaches by Banking Staff in Using Non-Authorized Messaging Apps Including Whatsapp & Signal “

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UK Financial Conduct Authority (FCA) Survey Reports 178 Breaches by Banking Staff in Using Non-Authorized Messaging Apps Including Whatsapp & Signal

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