Wall Street Bankers Got a $2 Billion Fine For Using Private Messaging Apps - How Money Works #shorts

WhatsApp is about to cost Wall Street Nearly two BILLION dollars.

The Consumer Finance and Trade Commission as well as the Securities and Exchange Commission mandate that all communications between investors, banks and brokers be recorded and preserved that’s why whenever you call up your bank you will be told that the call is being recorded.

The problem came when financial professionals started messaging each other using privacy focused software that auto deletes messages after a certain time.

The SEC argues that once these messages are deleted regulators would have no way of knowing if these people were communicating insider trading or stock manipulation tips, or simply talking about getting dinner on a Friday night.

So far most of the big names on wall street have been rushing to reach settlements with regulators while simultaneously teaching their staff to only talk to their colleagues using approved communications software.

#shorts
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Edited By: Andrew Gonzales

Music Courtesy of: Epidemic Sound

Select Footage Courtesy of: Getty Images

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