Societe Generale is involved in a widening messaging investigation by the US SEC | – #Societe #Generale #involved #widening #messaging #investigation #SEC

Feb 8 (Reuters) – France’s third-largest bank Societe Generale ( SOGN.PA ) said the lender’s annual report on Wednesday USA was involved in an investigation by the securities regulator into whether its employees were using unauthorized messaging platforms.

USA Securities and Exchange Commission (SEC) of SocGen USA asked its department for information regarding “compliance with record-keeping requirements related to business-related communications on messaging platforms not approved by the firm,” the lender said in its report.

In 2021, the SEC began investigating how Wall Street banks monitored employees’ digital communications, when Reuters news and later the Commodity Futures Trading Commission (CFTC) also investigated the matter, bank showed the statements.

Research JPMorgan Chase & Co (JPM.N) and Bank of America (BAC.N), including bank giants were also affected, and banks were collectively fined 1 for employees using unauthenticated messaging tools, including email. billion were asked to pay regulatory fines of more than $ and WhatsApp programs like

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The inquiry “follows a number of regulatory settlements with other firms covering similar issues in 2022,” SocGen’s annual report said. Information about the SEC is buried on page 209. The bank added that it is “cooperating with the investigation”.

Societe Generale declined to comment further on the inquiry.

Reporting by Jaiveer Shekhawat in Bengaluru and Saeed Azhar in New York; Edited by Shailesh Kuber

Our standards: Thomson Reuters Trust Principles.

2023-02-08 21:53:29
Source – reuters

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