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15-07-2022, 04:42 PM
Sridhar Natarajan, Katherine Doherty, Hannah Levitt and Matt Robinson
Bloomberg
July 15, 2022 06:41 am +08
(July 15): Regulators are poised to extract about US$1 billion in fines from the five biggest US investment banks for failing to monitor employees using unauthorized messaging apps.
......
The sweeping civil probes rank among the largest-ever penalties levied against US banks for record-keeping lapses, dwarfing a US$15 million penalty imposed on Morgan Stanley in 2006 over its failure to preserve emails.
Finance firms are required to scrupulously monitor communications involving their business to head off improper conduct. That system, already challenged by the proliferation of mobile-messaging apps, was strained further as firms sent workers home shortly after the start of the Covid-19 outbreak.
https://www.theedgemarkets.com/article/w...llion-bill
Bloomberg
July 15, 2022 06:41 am +08
(July 15): Regulators are poised to extract about US$1 billion in fines from the five biggest US investment banks for failing to monitor employees using unauthorized messaging apps.
......
The sweeping civil probes rank among the largest-ever penalties levied against US banks for record-keeping lapses, dwarfing a US$15 million penalty imposed on Morgan Stanley in 2006 over its failure to preserve emails.
Finance firms are required to scrupulously monitor communications involving their business to head off improper conduct. That system, already challenged by the proliferation of mobile-messaging apps, was strained further as firms sent workers home shortly after the start of the Covid-19 outbreak.
https://www.theedgemarkets.com/article/w...llion-bill
