this post was submitted on 19 Oct 2023
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This is the best summary I could come up with:
Personal devices won’t be impacted by the policy, and a select few employees who have regulated roles in the firm will still be able to send and receive messages, the outlet reported.
This could result in the breach of regulatory rules on recording all business communications, leaving little room for oversight by authorities to take action in case of compliance concerns.
Sixteen Wall Street giants including UBS and Barclays were collectively fined $1.8 billion by the SEC last September for employees’ use of personal devices and unauthorized apps for communication regarding business transactions.
As the use of private messaging platforms has proliferated in the business world, regulatory scrutiny over their use has intensified in recent times and spread beyond Wall Street.
Private equity firms including Carlyle Group and Blackstone are also being investigated for discussing business matters on apps like WhatsApp and Signal.
Reports suggest that a number of banks globally have suspended the use of encrypted apps like WhatsApp for work purposes following probes into its violation of regulatory rules.
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