A compliance executive who oversees markets and securities services at a top Wall Street bank said messaging apps have become more of a pressing issue in the past two or three years. They spoke on condition of anonymity to discuss internal policy freely.
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© WhatsApp; Getty Images; Samantha Lee/Business Insider
Traders have increasingly looked to do business on messenger apps like WeChat and WhatsApp. WhatsApp; Getty Images; Samantha Lee/Business Insider
And while firms can warn people to stay off certain apps and offer company-approved devices and channels, there’s always the temptation to meet client preferences or use WhatsApp for more informal communications inside the firm.
If a bank is dealing with a client that uses WeChat or WhatsApp, and that’s the way they want to communicate, “it creates a challenge for us,” this compliance exec told Business Insider.
Business Insider spoke with more than a dozen traders, compliance experts, tech