News

: Asset managers tighten grip on WhatsApp use, report says

0

Asset managers are cracking down on the use of unauthorized communication tools such as WhatsApp to discuss market matters.

Regulators including the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have already been slapping Wall Street banks with fines with some setting aside a sum of over $1 billion to cover regulatory penalties.

Last year, JPMorgan was fined $200 million when it admitted it failed to keep track of employees to using WhatsApp and other platforms to dodge federal record-keeping laws.

Reuters reports sources at several investment firms including Amundi, AXA Investment Management, BNP Paribas Asset Management and JPMorgan Asset Management, said policies have been deployed to maintain compliance between staff and client communications.

Last month, the U.K’s data protection watchdog, the Information Commissioner’s Office (ICO), called for a review of politicians using WhatsApp, private emails and other messaging after an investigation found “inadequate data security” during the pandemic.

The Ratings Game: Cisco earnings draw sigh of relief, but the demand debate continues

Previous article

The Moneyist: ‘I grew up an only child’: My father wants me to inherit the family home, but my late mother also had a son from her first marriage. Are we doing the right thing?

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in News