Credit Suisse and UBS have agreed with the US financial supervisory authority (Securities and Exchange Commission, SEC) to each pay a fine of 125 million US dollars. According to the authority’s press release, the two major Swiss banks as well as a number of other financial institutions (including Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley) have admitted to having violated regulatory provisions concerning professional communications via messaging applications (Whatsapp or Messenger type, but the solutions are not explicitly named).
Amended banks have begun improving their compliance policies and procedures, the SEC says. Which specifies that the messages sent by employees via these applications have not been archived in accordance with the regulations. According to the authority, the banks have been cooperative in the investigation.