Federal regulatory agencies have fined 11 financial institutions a combined $549 million for using “off-channel” messaging apps (WhatsApp, iMessage, Signal and text messages) for conversations about trades and other business. Securities laws require investment firms and banks to preserve communications records and ensure employees only carry out business through authorized channels. “The firms did not maintain or preserve the substantial majority of these off-channel communications, in violation of the federal securities laws,” the Securities and Exchange Commission (SEC) wrote in a statement today.