Banks struggle to monitor staffers even after WhatsApp probes

Last year, US regulators reached settlements with a dozen banks in a sprawling probe into how global financial firms failed to monitor employees’ communications, with total penalties in the matter reaching more than US$2bil at that time. — AP

Wall Street is still struggling to keep track of the myriad ways bankers are communicating with one another, even after shelling out more than US$2bil (RM9.33bil) in penalties over staffers’ use of WhatsApp and other unauthorised messaging services.

That’s according to data compiled by the technology firm Global Relay, which says it works closely with banks including Goldman Sachs Group Inc, Morgan Stanley and UBS Group AG. The firm found two-thirds of financial firms aren’t capturing LinkedIn communications data from their staff and just 3% have been able to monitor employees’ use of Zoom Video Communications Inc’s conferencing technology.