FCA Survey finds 178 WhatsApp policy breaches, with over 41% from senior staff
A survey of 11 wholesale banks found that 178 breaches of communications compliance policies were reported, despite firms introducing compliance recording and monitoring solutions, and the majority came from senior employees.
$15,000 FINRA fine for concealing profit-sharing via off-channel communications
A former Charles Schwab representative has been fined $15,000 and suspended for concealing an unauthorized profit-sharing agreement in “thousands” of off-channel text messages and emails.
The Source Podcast: Teamwork makes the dream work – How to get employee buy-in on compliance
In this episode of The Source podcast, we explore why firms are struggling to get employees to stick to compliance rules and to set the right "tone from the top" for them to follow. Featuring special guest conduct, culture, and risk expert Emma Parry.
How a people-first plan ensures effective data governance in the age of AI
Life sciences companies are keen to utilize cutting-edge AI tools and software, but data governance programs need to be in top form first.
Danish FSA finds data completeness failings at three major banks
A thematic study by the Danish financial regulator has identified data completeness and recordkeeping failures relating to voice and electronic communications at Danske Bank, Jyske Bank, and Nykredit Bank.
The FCA, WhatsApp, and recordkeeping
The FCA surveyed UK banks on the use of encrypted and unmonitored messaging apps like WhatsApp and Signal, with no specific enforcement action currently in the works. Firms must still ensure compliance with recordkeeping rules, regardless of technology used.
The OCC hack leaves banks feeling under attack
The OCC suffered a major cybersecurity breach that remained undetected for a year, prompting backlash from major banks. The incident has intensified calls for stronger identity controls and secure communications systems.
SEC doubles down on off-channel communications settlements
The SEC has denied a motion raised by 16 firms to modify or amend previously agreed settlements for off-channel communication violations that sought to “equalize” their ongoing compliance responsibilities with more recent enforcement cases.
With a changing of the regulatory guard, what are the implications for U.S. off-channel communications?
Susannah Hammond explores what recent changes at the SEC might mean for U.S off-channel communications and recordkeeping enforcements.
Regulators give firms a thumb’s down for not capturing emojis
Regulators are increasingly scrutinizing the use of emojis and avatars in communications within financial services, due to their potential for ambiguity and misuse. There is a growing need for enhanced monitoring to circumvent any risks and to capture misconduct.
On Demand: Compliance & Conversation – Recordkeeping and surveillance
Watch on demand as a panel of compliance and surveillance experts discuss trends including AI, social media, and culture and conduct risks.