NatWest has banned employees from using WhatsApp and other messaging apps like Skype and Facebook Messenger on work devices.
This move follows a crackdown by US regulators on financial institutions for record-keeping breaches, resulting in over $2.5 billion (c. £1.95bn) in fines for firms like JPMorgan Chase, Goldman Sachs, and Barclays. These fines were levied due to the use of unauthorised communication channels that hindered regulatory oversight.
Although NatWest hasn’t been penalised, this action aligns with the Financial Conduct Authority’s (FCA) scrutiny of UK financial firms’ communication policies.
The FCA is currently assessing firms’ responses to the US fines and investigating any breaches of their communication guidelines. NatWest emphasises that this ban enforces existing policies to ensure all business communications are conducted through monitored channels for compliance and regulatory purposes.
A spokesman for the bank told The Times: “Like many organisations, we only permit the use of approved channels for communicating about business matters, whether internally or externally.”
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