Off-channel messaging (and regulators) still a massive headache for banks
Waters Wrap: Anthony wonders why US regulators are waging a war using fines, while European regulators have chosen a less draconian path.
Earlier this month, the US Securities and Exchange Commission fined 26 broker-dealers a cumulative $392.7 million for failing to “maintain and preserve” off-channel messages on platforms like WhatsApp, iMessage, and Signal. In a press release, the SEC called the problem “widespread and longstanding.”
American Financial Services, Edward Jones, LDL Financial, and Raymond James took it on the chin the hardest, with each receiving $50 million fines. RBC Capital paid $45 million, BNY Mellon Securities
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