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SEC Fines 11 Of The World’s Banks

The Securities and Exchange Commission fined eleven of the world’s largest banks and brokerages $1.8 billion for unauthorized use of mobile apps. In its investigations of Bank of America ($BAC@US), Barclays ($BCS@UK), Citigroup ($C@US), and several other prominent banks, the SEC found rampant misuse of unauthorized messaging apps, instead of communicating over company email or other approved platforms. In its investigations, the SEC found that investors failed to maintain messages sent over Apple iMessage and Whats App. In one case, the company's chief investment officer directed an officer to delete their text messages, which violates record-keeping rules.

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