Follow TopicFollow Contributor Share Feedback

The US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) announced yesterday that eleven Wall Street banks and brokerages would pay a total of $1.8 billion in fines in relation to the regulators' probe into the use of banned messaging apps by employees.

The largest firms will each pay $125 million to the SEC and at least $75 million to the CFTC. Bank of America is facing the highest fine — $225 million total — due to a "widespread and long-standing use of unapproved methods to engage in business-related communications."

This content is available to paid Members of Starling Insights.

If you are a Member of Starling Insights, you can sign in below to access this item. 


If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform.  Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.

Join The Discussion

See something that doesn't look quite right?

We strive to provide high quality and accurate content at all times. With that said, we realize that sometimes links break, new information becomes available, or there is something that you feel we may have missed.

If you see something that you think we should be aware of, we would love to hear from you. Feel free to drop us a note below and leave your name and contact info if you'd like to hear back from us.

Thank you for being a key part of the Starling Insights community!