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Bank of America Expected to Face $200 Million Fine for Personal Device Misuse

Bank of America Expected to Face $200 Million Fine for Personal Device Misuse

by Starling Insights

Starling Insights Editorial Board

Jul 25, 2022

Observations

Regulatory Trends Future of Work USA US SEC US CFTC Governance, Audit & Regulatory Failures Culture & Misconduct

Earlier this month, Bloomberg reported that Bank of America is expected to pay a $200 million fine, pursuant to a US Securities and Exchange Commission (SEC) probe into the unapproved use of employees' personal devices to conduct work-related correspondence.

In late 2021, the SEC and the Commodity Futures Trading Commission fined JP Morgan $200 million as a part of this same probe. Several other Wall Street banks, including Citigroup and Morgan Stanley, have signalled that they are likely to face similar fines in the near future.

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