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Many of Wall Street’s biggest banks are nearing agreements to pay as much as $200m each and admit that their employees’ use of personal messaging apps such as WhatsApp violated regulatory requirements, according to people familiar with the matter.
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“The fines are high to try to serve as a deterrent,” Mr. Berman said. “On the other hand, Democrats like to increase the amount of fines. In this case it is probably more of the former, because they have to send a really strong message.”
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