26 financial institutions have agreed to a combined fine of approximately 0.393 billion US dollars proposed by the US Securities and Exchange Commission (SEC). The SEC found that the financial institutions failed to retain employee's electronic communication messages after investigating WhatsApp communication, and there was a widespread practice of using unauthorized communication methods for a long period of time.

According to SEC, Ameriprise Financial (AMP.US), Edward D. Jones & Co., LPL Financial (LPLA.US) and Raymond James Financial (RJF.US) will each pay 50 million US dollars, and Royal Bank of Canada branches will pay 45 million US dollars. Toronto-Dominion Bank, Truist Financial (TFC.US), and Bank of New York Mellon (BK.US) branches also agreed to accept punishment.

Some large banks have previously agreed to pay billions of dollars in fines to the SEC and the US Commodity Futures Trading Commission (CFTC) to end similar investigations into employee's use of personal phones and WhatsApp, as regulations require financial institutions to monitor and retain communications related to their business to prevent potential misconduct.