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Wall Street to Pay $1.8bn for Personal Device Misuse

Wall Street to Pay $1.8bn for Personal Device Misuse

by Starling Insights

Starling Insights Editorial Board

Sep 28, 2022

Observations

Future of Work Trust vs. Surveillance Regulatory Trends Governance, Audit & Regulatory Failures Regulatory Reporting Culture & Consequences Culture & Misconduct US SEC US CFTC USA

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."

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