As part of a broader investigation into the industry, U.S. authorities are examining whether UBS Group properly documented internal contacts, the Swiss bank said in notes accompanying its second-quarter results on Tuesday.
Reuters reported in 2013 that the U.S. Securities and Exchange Commission (SEC) was investigating whether Wall Street banks appropriately documented workers’ work-related text conversations and emails during the work-from-home phase of the epidemic.
J.P. Morgan Securities was fined $200 million in December by the SEC and the Commodity Futures Trading Commission (CFTC) for “widespread” failures to retain employee communications on personal mobile devices, messaging applications like WhatsApp, and emails.
“The SEC and CFTC are investigating UBS and other financial institutions for compliance with records retention rules pertaining to business communications transmitted using unauthorized electronic messaging channels. UBS is assisting investigators, “According to UBS’s quarterly report.
Last week, Bank of America (NYSE:BAC) said that it had put aside approximately $200 million for a regulatory problem related to the unauthorized use of personal phones.
