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Financial Firms Hit With Another $470M in Off-Channel Commun...

Federal regulators have slapped 27 financial services companies with more than $470 million in fines for failing to save employees' electronic communications. The punishments, announced Wednesday, are part of the agencies' ongoing efforts to enforce rules requiring financial companies to retain so-called off-channel communications, such as WhatsApp and WeChat messages, so that they can be scrutinized for potential regulatory infractions.

Banking & Financial Services

August 15, 2024, 8:50 AM