US based multinational investment bank has been asked to pay a fine of $200 million for failure to monitor employees’ messages.
In recent months, regulators have queried a number of big banks about how they track down employee communications as banks are required to record their employees’ work-related communications such as emails, text messages and phone calls.
Investigations by the Securities and Exchange Commission showed that the bank failed to adequately monitor and retain employees’ chats.
Banks are supposed to retain employees’ communication, particularly those related to customer dealings on either company-issued device or personal cell phones and such information should be provided to regulators when requested.
Many banks banned the use of personal email, texts and other social media channels for work purposes, but have struggled to keep up with a spread of different modes of communication, especially during the pandemic.
The bank is expected to complete the settlement as soon as this week.
