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Dec 20, 2021

JPMorgan Chase will pay $125M fine to the SEC and $75M to the CFTC because employees use WhatsApp to conduct business.
Under federal law, banking firms must keep detailed records of official business between brokers and clients so that regulators can inspect the transactions. The SEC said the practice of using third-party communication apps was widespread at JPMorgan Chase. "Since at least July 2015, JPMorgan employees, including those at senior levels, communicated both internally and externally on unapproved channels, including via personal text messages and WhatsApp messages", the Commodity Futures Trading Commission (CFTC) said in a statement. Link

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