The US Securities and Exchange Commission has severely fined several banks for using personal communication accounts to discuss and resolve business issues. It is known that “Wells Fargo” and other US banks were fined a total of 549 million dollars.
The commission has informed that senior officials of the banks, when making business decisions and conducting other business-related discussions, used personal “iMessage”, “WhatsApp” and “Signal” accounts, thereby violating several laws. More specifically, they are the accounting provisions of the Securities Exchange Act of 1934, as well as similar provisions of the Investment Advisers Act of 1940. Under these conditions, public companies and banks must keep auditable records of all business decisions and discussions.
In this case, no message exchange was recorded. Also, since all three mentioned apps use end-to-end encryption, the contents of the messages would only be readable by accessing the personal accounts of the individuals concerned. Also, when changing the phone to a new one, it may happen that the messages are permanently lost.
In total, more than ten US banks were fined for violating the rules, which agreed to pay an amount between nine and 125 million dollars.
2023-08-15 07:00:00
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