US Bank Dinged on Messaging Fails

US Bank

US Bank is the latest financial firm sanctioned for employees’ use of off-channel messaging apps, fined $6 million on Tuesday by the Commodities Futures Trading Commission. At this point these cases are hardly news any more, but the US Bank enforcement does have a few twists that warrant a compliance officer’s attention. First, as outlined…

Read More

A Curious SEC Break on Messaging Offenses

waivers

The Securities and Exchange Commission has fired off another volley of enforcement actions for employees’ improper use of messaging apps — but this time we have a new twist! The SEC has been quietly granting waivers to the offending firms to keep working on deals when normally their conduct would disqualify them from doing so.…

Read More

‘Messaging Risk’ for Everyone Else

waivers

After my last post about financial services firms getting socked by regulators for employees’ use of improper messaging apps, a compliance officer in the manufacturing sector messaged me (improperly, of course) and declared, “The first time they sanction a non-financial company for this stuff, compliance officers will be panicking in the streets.”  I agree with…

Read More

Messaging Crackdown Continues

waivers

Securities regulators sanctioned another dozen Wall Street trading houses on Tuesday for employees’ usage of unauthorized messaging systems. They are the latest targets in an ongoing crackdown over the practice, and further proof that management teams need to take this issue seriously. The Securities and Exchange Commission sanctioned 11 firms, imposing a total of $289…

Read More

A Messaging Violation in Detail

messaging

Amid all the consternation these days about employees’ improper use of messaging apps, how did we overlook this? An enforcement action from FINRA earlier this year over a financial firm’s mishandling of iMessages, which happens to offer a fascinating glimpse of the control failures that can happen here.  The firm in question is Deloitte Corporate…

Read More

More Dreary News on Messaging Apps

waivers

A new survey of compliance officers finds most of them with grave doubts about their company’s ability to police against employees’ improper use of messaging apps, and are enacting bans mostly as gestures to demonstrate their effort at compliance obligations — but few believe such bans actually work. So says a report from Global Relay,…

Read More

The Messaging Crackdown Continues

waivers

In case any compliance professionals out there assume that the crackdown on employee use of improper messaging apps is over, the Securities and Exchange Commission sanctioned two more Wall Street trading firms late last week for the same offenses, and imposed the same punishments of monetary penalties and extensive compliance reviews.  The broker-dealer firms in…

Read More