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Agreement over use of Symphony platform

The controversy over the chat and messaging platform Symphony Communications being used by New York Banks have been resolved. New York’s banking regulator, the New York State Department of Financial Services, has entered into a deal with four major banks, which also resolves issues over record-keeping as well. The regulator had expressed concerns that certain Symphony features could hinder regulatory investigations. The banks concerned are Goldman Sachs Group, Deutsche Bank, Credit Suisse and Bank of New York Mellon Corp. Some 14 banks in total have been using Symphony. Under the agreement, Symphony will retain for seven years a copy of all e-communications sent through its platforms to or from the four banks, and the four banks will store duplicate copies of the decryption keys for their messages with independent custodians.

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