WhatsApp clampdown highlights video call compliance threat for finance firms
The HinduWith text messages and emails under tightened surveillance, financial firms may now have to screen staff video calls for possible rule-breaking, amid concern regulators are poised to scrutinise such calls for compliance breaches. Finance firms are now engaging technology specialists, law firms and risk consultants to ensure video calls are monitored and retained as required, to meet record-keeping requirements and manage risks such calls could be used to share non-public information illegitimately, a dozen sources told Reuters. But Matthew Nunan, a partner at law firm Gibson, Dunn & Crutcher, and former EMEA head of conduct risk at Morgan Stanley, said it was "very likely" regulators would begin to assess potential for compliance failures over video calls. Video calls pose "unique risks" and technology needed to efficiently screen video calls is not widely used, said Matt Smith, CEO of communications surveillance firm SteelEye.
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