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Home News

NatWest Bans WhatsApp and Facebook Messenger

November 14, 2024
Reading Time: 2 mins read
in News
NatWest Bans WhatsApp and Facebook Messenger

NatWest, one of the UK’s largest banks, has implemented a ban on the use of popular messaging apps like WhatsApp, Facebook Messenger, and Skype for internal communications. Previously, the bank had requested that employees use only “approved channels” for business-related discussions, but the new policy takes it a step further by restricting access to these messaging platforms on company-issued devices. This decision aligns with growing concerns from financial regulators about unmonitored communications, particularly those that could undermine efforts to maintain market integrity and prevent misconduct.

The Financial Conduct Authority (FCA) has been closely monitoring the use of unapproved messaging apps in the financial sector. These apps, while offering encryption and privacy, can make it difficult to retrieve communications, especially if they are set to disappear automatically. With an increasing number of employees working remotely, ensuring that all communications are easily accessible and stored for regulatory compliance has become a significant challenge for financial institutions. NatWest’s new policy is designed to protect the bank from potential fines and regulatory scrutiny over inadequate record-keeping.

This move comes after recent high-profile incidents, including a £5.5 million fine imposed on Morgan Stanley for using WhatsApp for trading-related communications. The fine was levied by Ofgem after the bank failed to comply with rules regarding the recording of business conversations. Such regulatory breaches highlight the risks financial institutions face when relying on third-party messaging apps that are not easily monitored or archived for compliance purposes. NatWest’s decision to ban these platforms internally reflects its commitment to adhering to strict regulatory requirements.

Despite the internal ban, NatWest continues to use WhatsApp as a customer service tool, allowing clients to contact the bank for banking inquiries and assistance. The ban specifically targets internal communication between employees, ensuring that all business-related discussions are conducted through secure, approved platforms that comply with record-keeping regulations. This policy change is part of the broader trend in the financial sector toward more stringent controls on communication methods to safeguard against market manipulation and ensure regulatory compliance.

Reference:

  • NatWest Bans WhatsApp and Facebook Messenger for Internal Staff Communication
Tags: BanksCyber NewsCyber News 2024Cyber threatsFacebookFacebook MessengerFinancialNatWestNovember 2024SkypeUKWhatsapp
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