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Firms and individuals who work for FINRA regulated broker dealers have regulatory compliance burdens to monitor and record all customer communications. Registered Reps using Whats App are getting fined.
JPMorgan's $200m in fines to the US banking regulator for failing to keep track of workers' use of personal messaging apps are a sign that banks won't get a free pass in keeping tabs on workers during the pandemic.
The development highlights the risk for firms when traders, bankers and salespeople — subject to strict rules around the recording and reporting of conversations and transactions — are able to work from their kitchens and bedrooms, and out of eyesight of bosses. While JPMorgan’s policies prohibit the use of apps like WhatsApp for work-related communications, Securities and Exchange Commission officials said the bank didn’t adequately supervise employees.
It's not just a US problem. A UK regulatory lawyer warned Financial News last year of a boom in “market-abuse cases as a result of home working during the pandemic. There will be more scrutiny on this area than ever.”
Since the start of the pandemic, FN has chronicled the compliance headaches at banks and finance firms trying to keep tabs on remote-working traders.
Read more below:
December 16, 2020 Wanted: Compliance hires as finance firms ramp up spying on staff
October 30, 2020 City workers fired for WhatsApp say firms need to reconsider bans
June 25, 2020 Deutsche Bank to monitor staff WhatsApp messages
Secure Chat is compliant with FINRA recordkeeping rules for registered representatives. It is also appropriate for corporate governance where communications can be material evidence. Records on the Blockchain cannot be deleted or modified, so managers can have a clear picture of what is going on - unadultered real time auditing.
Monitor your employees in real time, and generate reports
The consumer app will always be free for use.
Chat application works on Mobile platforms, manager works on web.
Secure Chat is designed to have your organization listen to you, and no one else.
The database of communications happens on Blockchain
The paid Secure Chat platform is not monetizing your data.
Secure Chat is a mobile communications application that enables secure, encrypted communication on the Blockchain. Optional paid management accounts allow organizations with compliance burdens to monitor firm - client communications. Industries where this is relevant include Financial Services, Healthcare, Government, and Technology.