Security News > 2022 > October > Financial watchdogs want to know what traders are talking about on WhatsApp

Authorities in the US and the UK are taking a keen interest in the contents of WhatsApp messages among bank employees and their associates in the financial services industry.

The UK's Financial Conduct Authority is set to probe sector workers' use of private messaging services as the watchdog increases scrutiny in line with the US. According to Bloomberg, the FCA has requested information from Citigroup, Deutsche Bank, JPMorgan Chase, and Nomura Holdings, among others, inquiring about the frequency and content of staff exchanges through texting and messaging apps.

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In September, 11 of the world's most powerful financial firms were fined nearly $2 billion for off-channel comms.

In the United States, the Securities and Exchange Commission looks set to expand its interest in traders' work-related communications on personal devices and apps such as WhatsApp to investment funds and advisers, Reuters has reported.

News URL

https://go.theregister.com/feed/www.theregister.com/2022/10/13/whatsapp_trader_comms_regulation/