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JPMorgan hit with $200 million in fines for letting employees use WhatsApp to evade regulators

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JPMorgan Chase is paying $200 million in fines to two U.S. banking regulators to settle charges that its Wall Street division allowed employees to use WhatsApp and other platforms to circumvent federal record-keeping laws.

The Securities and Exchange Commission said Friday that JPMorgan Securities agreed to pay $125 million after admitting to “widespread” record-keeping failures in recent years. The Commodity Futures Trading Commission also said Friday that it had fined the bank $75 million for allowing unapproved communications since at least 2015.

SEC officials who spoke to reporters Thursday evening said JPMorgan’s failure to preserve those off-line conversations violated federal…



Source cnbc.com

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