NatWest blocks staff from using WhatsApp and Facebook Messenger

Published On Nov 12, 2024, 8:47 AM

NatWest Group has prohibited its staff from using messaging apps such as WhatsApp, Facebook Messenger, and Skype on company devices. This move is aimed at promoting communication through sanctioned channels to ensure better record-keeping and compliance, especially in the wake of significant fines imposed on American banks for record-keeping violations involving private messaging. The Financial Conduct Authority (FCA) in the UK is also investigating the use of such messaging services in banking, highlighting the ongoing concern over off-channel communications in business and government contexts.

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The decision by NatWest to block popular messaging apps indicates a greater emphasis on regulatory compliance and risk management in the banking sector. This could lead to increased scrutiny of messaging practices across the industry, potentially affecting other banks as well. Investors might view this as a signal for more stringent regulations in the banking sector.

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