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City still falling short on comms compliance as FCA mulls WhatsApp crackdown

Only 14% are confident they are in control of 'off-channel' chats

Regulators are pushing for a 'comprehensive' view of risks as covert app use explodes
Regulators are pushing for a 'comprehensive' view of risks as covert app use explodes Photo: Getty Images

Financial services firms are still running major compliance risks by not monitoring staff messages on platforms like WhatsApp, Signal and Telegram, according to regulatory experts.

US regulators have hit banks with billions in fines over the past three years for failing to catch potential insider trading on so-called 'off channel' communication tools, with UK authorities hinting they will follow suit after a surge in encrypted messaging app use during the pandemic.

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