Banks face a WhatsApp reckoning as regulators clamp down on messaging apps
Credit to Author: Matthew Finnegan| Date: Mon, 08 Aug 2022 03:01:00 -0700
As regulators hand out hundreds of millions of dollars in fines for record-keeping failures related to the use of social messaging platforms such as WhatsApp, the finance industry faces a choice: properly enforce bans on the use of these apps or find ways to make them compliant.
“The explosion of new electronic communications channels — and the pervasive use of these — raises lots of red flags for the regulators,” said Anthony Diana, a partner at law firm Reed Smith’s Tech & Data Group. “The fear is that, if bad things are happening, they’re happening on these personal apps, not on the sanctioned communication channels that are surveilled.”
Anthony DianaAnthony Diana, a partner at law firm Reed Smith’s Tech & Data Group.
