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Large investment banks have now been fined a total of $2bn for failing to monitor employee communication

Investment Banking Editor

HSBC has been fined $45m by US regulators for "widespread" failures over its employees' use of electronic communication tools, the latest bank to be drawn into a crackdown on messaging platforms like WhatsApp.

The Securities and Exchange Commission said that it has fined the UK lender for its failure to track employees' communications on business matters on personal mobile devices. The regulator also charged Scotia Capital, the investment banking arm of the Bank of Nova Scotia, $7.5m for the same violations.

HSBC fined $45m for WhatsApp monitoring failures

HSBC fined $15m for WhatsApp monitoring failures

Large investment banks have now been fined a total of $2bn for failing to monitor employee communications

Paul Clarke

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