WASHINGTON (Reuters) – U.S. regulators on Tuesday said they had settled with more than a dozen financial firms, including Wells Fargo and some foreign banks, over charges of widespread recordkeeping failures, including in some cases the use of personal text messages and other messaging apps.
The Securities and Exchange Commission said it had settled with 11 financial firms, including Wells Fargo Securities and BNP Paribas Securities Corp, over charges of not maintaining proper records, totaling $289 million in fines.
The Commodity Futures Trading Commission separately said it had fined affiliates of four financial institutions a total of $260 million over failing to maintain adequate records: Wells Fargo, BNP Paribas, Société Générale and the Bank of Montreal.
Commissioner Christy Goldsmith Romero, in a statement, said the move held “banks accountable for their pervasive use of unauthorized communication methods, like private texts and in some cases WhatsApp.”
(Reporting Doina Chiacu and Susan Heavey; Editing by Andrew Heavens and Bernadette Baum)
