U.S. Bank and KeyBank could be among the next round of financial institutions to be hit with penalties from regulators’ ongoing probes into employees’ use of WhatsApp and other messaging platforms to conduct official business, according to the banks’ most recent filings with the Securities and Exchange Commission.
“The Company’s broker-dealer and investment advisory subsidiaries are cooperating with an investigation by the SEC concerning compliance with certain record-keeping requirements relating to business communications transmitted on unapproved electronic communications platforms,” KeyCorp wrote Thursday in a 10-Q filing.
