NatWest blocked WhatsApp, Facebook Messenger and Skype from company devices in UK. Employees were told to use only ‘approved channels’ for communication.
Amid concerns that the messages sent via these platforms are not always fully retrievable, the bank has blocked all access to its platforms for work phones and computer.
WhatsApp messages can be encrypted and set to disappear. Messages sent via approved business channels, however, are likely to be more transparent and retrievable.
The company issued a statement saying: “Like most organisations, we only allow the use of approved communication channels to communicate about business issues, whether they are internal or external.” This measure has been implemented for several weeks.
The Financial Conduct Authority, the banking regulator, was reported to be considering an investigation into the way employees use messaging services.
The FCA sent banks a survey asking how their staff used encrypted messaging services, and if this had affected risk levels.
US banks have been fined for not following record-keeping regulations after employees were unable retrieve old messages. In 2022, for example, HSBC was investigated by US regulators in order to determine whether employees were using such platforms appropriately.
JPMorgan Chase was fined $200 million in 2021 for failing to track employee use of personal apps and emails.
In the UK, Morgan Stanley was fined PS5.4 million by Ofgem last year for failing record and retain electronic communications after traders used WhatsApp in order to communicate about wholesale energy trade.
NatWest has been advising its staff for many years to avoid certain channels when discussing business, but they are not prohibited from doing so.
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