The Securities and Exchange Commission of the United States announced on Tuesday million-dollar fines to various companies that have violated federal communications laws.

The companies, including the Wells Fargo bank, are accused of not keeping proper electronic records of communications with their employees and using channels such as WhatsApp to attend to business matters.

Regarding the amounts of the fines, it was revealed that they are combined amounts “of 549 million dollars (about 501 million euros) against the American bank Wells Fargo and a series of companies” that violated federal laws.

The SEC has confirmed “$289 million in penalties against eleven companies for “widespread failures” to maintain records.” For its part, the Commodity Futures Trading Commission (CFTC) “also said it fined four banks a total of $260 million for failing to keep records required by the agency.”

As the fined companies admitted, since approximately 2019 workers resorted to the use of WhatsApp as a means of communication with their employers for company business matters. Therefore, the proper record of the calls was not kept.

The enforcement of the fines is the latest “effort by Washington, D.C.-based regulators. to end the widespread use of messaging applications such as Signal, WhatsApp or Apple iMessage among employees, since in recent years the fines related to the subject add up to more than 2,000 million dollars, according to the SEC and the CFTC.”

M.Pino

Source: swissinfo

(Reference image source: freestocks, Unsplash)

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Wells Fargo must pay the US regulators the amount of US$ 3.700 million for fines and reimbursements, before the accusations of crimes related to mortgages and loans.

According to the Consumer Financial Protection Office (CFPB), the financial institution faces charges for “collecting illegal fees and interest on auto loans and mortgages, as well as overdraft fees incorrectly applied to checking and savings accounts.”

In this sense, the CFPB ordered this Tuesday the reimbursement by the bank of 2,000 million dollars to customers. In addition, a fine of 1,700 million was imposed, considered the highest applied by the regulatory entity.

Scandals related to sales, illegal charging of fees and interest, illegal expropriation of vehicles from customers, as well as the illegal opening of millions of accounts by employees to meet established goals, have long haunted Wells Fargo.

According to the CFPB, the bank’s damages extend to more than 16 million customers. “Wells Fargo’s repeated cycle of violation of the law has harmed millions of American families,” Rohit Chopra, director of the agency, said in a statement.

M.Pino

Source: elnuevoherald

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Wells Fargo’s high-value clients will be able to expose themselves to Bitcoin (BTC) and other cryptocurrencies. This was reported by a spokesman for the American multinational, joining the growing list of traditional financial institutions that offer investment opportunities in virtual currencies to their clients.

The information does not explain how the financial institution will carry out the process so that its users can invest in Bitcoin and other cryptographic assets, which could be through “the direct purchase of Bitcoin or through a second order of price exposure, like bitcoin in grayscale.”

As will be recalled, last May Wells Fargo’s investment research division, Wealth and Investment Management, reported that it had been working on the evaluation of a strategy that would allow it to incorporate cryptocurrencies for qualified investors into its platform.

It was estimated that for the month of June the institution would offer its new investment products in Bitcoin and cryptography, but it is now, a month and a half later, that clients will be able to invest in crypto through the company.

Institutional adoption of virtual currencies, especially Bitcoin, is growing and large traditional organizations are entering this market. Recently, JP Morgan Chase, an American multinational investment bank, also announced that its clients can be exposed to various crypto assets: Bitcoin (BTC ), Ethereum (ETH), Bitcoin Cash (BCH), and Ethereum Classic (ETC).

M. Rodriguez

Source: crypto-economy.com

La entrada Wells Fargo offers Bitcoin transactions apareció primero en Bitfinance.