2023-08-08 19:37:02
August 08, 2023 Today at 9:35 PM
The two major French banks must pay 110 million dollars for breaches in the use and retention of data.
French banks BNP Paribas and Societe Generale will each pay a total of $110 million under agreements with US regulatory authorities, to offenses in the use and retention of data related to electronic communications.
The American Financial Products Regulatory Authority (CFTC) announced in a statement on Tuesday that the two French banks would pay out $75 million.
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The American bank Wells Fargo and the Canadian Bank of Montreal have also signed an agreement with the CFTC, relating respectively to 75 million and 35 million.
Intrusive communication methods
“This is another victory for holding banks accountable for their invasive and unauthorized methods of communicationlike the SMS private and in some cases the use of Whatsappbreaking the law and contravening regulatory oversight requirements,” CFTC board member Christy Goldsmith Romero said in a separate statement.
According to her, the four establishments have recognized failures, will pay “historically high penalties” and will modify their internal practices to avoid “unauthorized illegal communications”.
BNP Paribas has confirmed with AFP that it has reached an agreement with the SEC and the CFTC for a total amount of 110 million dollars, which has already been provisioned in the accounts published for the second quarter. Societe Generale did not comment on the information.
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