(Reuters) — The U.S. Securities and Exchange Commission on Thursday slapped units of Bank of Nova Scotia and HSBC Holdings with civil penalties for widespread record-keeping violations through employees’ use of personal devices and apps for work communications.
HSBC Securities Inc. and Scotia Capital, registered broker-dealers with the SEC, have agreed to pay $15 million and $7.5 million, respectively, to settle the charges, the regulator said in a statement.
Scotiabank and Scotia Capital, registered dealers with the US Commodity Futures Trading Commission, also agreed to pay $15 million to the CFTC for related charges, according to a separate statement.
HSBC and Scotiabank are the latest Wall Street firms to face penalties over employees̵
7; use of personal devices and messaging apps since regulators launched a broad probe into the use of such platforms in 2021. Both firms acknowledged the violations.More than a dozen banks agreed to pay a total of $1.8 billion for such violations in September.
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