Banking 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.

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 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 on personal mobile devices, 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 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 Citi 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 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 financial institutions which would relate to the business communications.

Also Read: Whatsapp Account can be Operated through Multiple Smartphones