NY Regulators in Agreements Requiring 4 Banks Keep Records
NY Regulators in Agreements Requiring 4 Banks Keep Records (Photo: Oriez, Wikimedia Commons)
New York financial regulators have reached agreements with Goldman Sachs, Deutsche Bank, Credit Suisse and Bank of New York Mellon that require them to retain electronic records for seven years with a new cloud-based communications service.
The Department of Financial Services says Monday the agreements are meant to help ensure the banks responsibly use Symphony Communications' chat and messaging platform, which includes a feature described as "guaranteed data deletion."
In July letters, the department told the banks and Symphony it was concerned the service, created through a consortium of financial institutions, could hinder the ability of regulators and prosecutors to investigate misconduct.
Symphony calls it "another positive development" on the eve of its launch, and that the platform protects against cyber threats while strengthening compliance operations.