As the banking crisis in the United States continues, financial regulators are closely monitoring traditional finance companies such as HSBC and Scotiabank. The Securities and Exchange Commission (SEC) has charged HSBC Securities (HSI) and Scotia Capital with penalties over recordkeeping violations. HSI has agreed to pay $15 million to settle with the SEC, while Scotia Capital agreed to pay $7.5 million. The banks have been found to have failed to meet recordkeeping requirements for dealers registered with U.S. market regulators, with employees using unauthorized communication channels like text messages and WhatsApp. Both HSBC and Scotiabank have faced fines due to their employees using personal devices and messaging apps, with U.S. regulators launching a broad probe into the use of personal messengers like WhatsApp by financial firms in 2021.
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HSBC and Scotiabank fined for recordkeeping violations related to personal messaging apps use by employees
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