Wall Street Banks Facing $2 Billion Settlement For Failing To Monitor WhatsApp Use Wall Street Banks Facing $2 Billion Settlement For Failing To Monitor WhatsApp Use US Regulators are set to announce a massive settlement with Wall Street firms which failed to monitor employees using unauthorized messaging apps, sch as WhatsApp. According to Bloomberg , the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could release the results of the investigation as soon as Wednesday, and fines of around $2 billion , according to a person with knowledge of the matter, along with a Bloomberg analysis of disclosures made by the world''s largest banks. The massive penalties come nearly a year after JPMorgan agreed to pay $200 million in fines to both regulators to settle charges that it''s Wall Street division allowed employees use WhatsApp and other platforms to circumvent federal record-keeping laws. The bank admitted to "widespread" record-keeping failures In July, Morgan Stanley admitted that it was nearing a settlement that would see it pay a $200 million fine - a figure that other large banks with similar lapses are also expected to pay.