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JPMorgan is fined $200 million for evading regulators by letting traders use WhatsApp
They're supposed to stick to the secure scrambler line to the New York Fed's trading room.
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By Thomas Franck and Hugh Son
CNBC, New York
Friday, December 17, 2021
JPMorgan Chase is paying $200 million in fines to two U.S. banking regulators to settle charges that its Wall Street division allowed employees to use WhatsApp and other platforms to circumvent federal record-keeping laws.
The Securities and Exchange Commission said today that JPMorgan Securities agreed to pay $125 million after admitting to "widespread" record-keeping failures in recent years. The Commodity Futures Trading Commission also said today that it had fined the bank $75 million for allowing unapproved communications since at least 2015.
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SEC officials who spoke to reporters Thursday evening said JPMorgan's failure to preserve those offline conversations violated federal securities law and left the regulator blind to exchanges between the bank and its clients.
Federal law requires financial firms to keep meticulous records of electronic messages between brokers and clients so regulators can make sure those firms aren't skirting anti-fraud or antitrust laws. ...
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