--- title: "For the Use of WhatsApp US Big Banks have Collected Over $1 Billion Fine" description: "Banking giants like JPMorgan Chase & Co and Bank of America have collectively faced over $1 billion in regulatory fines for employees' use of WhatsApp" author: "Siddhi Shaw" published: 2022-08-23 canonical: https://www.mindstick.com/news/1917/for-the-use-of-whatsapp-us-big-banks-have-collected-over-1-billion-fine category: "internet" tags: ["whatsapp", "internet", "banking", "usa"] reading_time: 3 minutes --- # For the Use of WhatsApp US Big Banks have Collected Over $1 Billion Fine [Banking](https://www.mindstick.com/news/753/customers-should-use-net-banking-for-now-due-to-mobile-banking-issue-again-hdfc-bank) giants like **JPMorgan Chase & Co** and **Bank of America** have collectively faced over **$1 billion** in regulatory fines for employees' use of unapproved messaging tools which would include email and apps like **[WhatsApp](https://www.mindstick.com/news/1904/for-android-beta-testers-whatsapp-adds-ability-to-view-status-updates-in-chat-list)**. ``` HIGHLIGHTS CFTC has been scrutinizing the problems which the bank disclosures show JP Morgan Chase & Co dealer was penalized $200 million last year Bank of America has kept aside the reserves to manage the matter ``` The **U.S. Securities and Exchange Commission (SEC)** started probing banks' record-keeping practices which would relate to the use of personal devices last year. Well, the **Commodity [Futures Trading](https://answers.mindstick.com/qa/104977/explain-futures-trading) Commission (CFTC)** has been scrutinizing the problems which the bank disclosures show. Therefore, here a list of fines that financial companies have already paid or expect to pay, were listed: ## JP Morgan Chase & Co **JP Morgan Chase & Co's** dealer subsidiary was penalized **$200 million** last year by the **SEC** and **CFTC** for major failures in order to preserve workers [communications](https://www.mindstick.com/articles/44489/leased-lines-and-other-tools-for-business-communications) on personal [mobile devices](https://yourviews.mindstick.com/view/85524/influence-of-mobile-devices-on-travel-and-tourism-experiences), [messaging apps](https://answers.mindstick.com/qa/105245/how-to-secure-business-information-on-mobile-messaging-apps) and emails. JP Morgan had acknowledged its conduct which violated securities laws. The penalty was one of the primary major enforcement actions which were brought under **SEC Chair Gary Gensler**. ## Morgan Stanley Well, **Morgan Stanley** has tentatively united to pay **$125 million** to the **SEC** and **$75 million** to the **CFTC** in order to resolve investigations into its record-keeping practices, as it was mentioned in the month of **July**. It has already kept aside **$200 million** in its second quarter earnings to organize for the fine. ## Bank of America **Bank of America** had earmarked regarding **$200 million** within the second quarter for proceedings tied to unauthorized electronic [communication](https://www.mindstick.com/articles/126321/5-fails-and-fixes-of-the-office-communication) by its staff. The bank in the late **July** has mentioned that it absolutely was in settlement talks with the **SEC** and also the **CFTC**. **Citigroup Inc Cit**i was definitely being investigated by the SEC for communication through the unapproved channels which were utilized by its staff the company has revealed the information in a regulatory filing in **February**. The company has kept aside the reserves to manage the matter, **Chief Financial Officer Mark Mason** in its second quarter earnings in **July** has mentioned about this information. He has not specified the amount however, it absolutely was aligned with what peer firms had disclosed. ## Barclays PLC British bank **Barclays** has mentioned that it had reached an agreement in the principle to pay **$200 million** to **U.S. regulators** which the company has mentioned in its half-year earnings in **July**. ## Credit Suisse Group AG **Credit Suisse** has mentioned in **July** that it had reserved a **$200 million** proceedings provision chiefly regarding the record-keeping rules. **Deutsche Bank AG Deutsche Bank** had announced during the late **July** that it had kept aside **165 [million euros](https://answers.mindstick.com/qa/38510/name-the-european-bank-the-world-s-largest-multilateral-public-bank-which-recently-announced-to-invest-33-billion-rupees-450-million-euros-for-the-first-metro-line-in-lucknow)** in further provisions for possible regulatory enforcement, partially from the **SEC** and **CFTC** investigations. ## UBS Group AG **UBS Group** has mentioned that U.S. regulators were conducting investigations into the bank and [alternative](https://www.mindstick.com/forum/2324/what-is-the-alternative-to-the-mvc) financial institutions which would relate to the business communications. Also Read: [Whatsapp Account can be Operated through Multiple Smartphones](https://www.mindstick.com/news/1729/whatsapp-account-can-be-operated-through-multiple-smartphones) --- Original Source: https://www.mindstick.com/news/1917/for-the-use-of-whatsapp-us-big-banks-have-collected-over-1-billion-fine Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.