Wednesday, 9 August, 2023

Wells Fargo and BNP Paribas Fined by SEC Over Messaging Platform Compliance

Wells Fargo and BNP Paribas are facing fines from the SEC for failing to retain employee messages sent through encrypted messaging platforms like iMessage, Signal, and WhatsApp. The financial institutions are alleged to have violated regulations that require proper record-keeping of electronic communications related to business activities. The fines highlight the increasing regulatory scrutiny on data retention and compliance within the financial industry.