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Wall Street WhatsApp probe set to result in historic fine

U.S. regulators are set to announce a settlement with firms across Wall Street for failing to monitor employees using unauthorized messaging apps, Bloomberg Law reported on Tuesday, citing a person with knowledge of the matter.

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could extract total fines of around $2 billion, according to disclosures from U.S. banks.

Wall Street institutions faced challenges in tracking staff communications in the work-from-home pandemic era, particularly over personal devices. Citigroup Inc , JPMorgan Chase & Co (JPM.N) and Goldman Sachs Group Inc are some of the biggest banks under the industry-wide scrutiny.