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City firms ramp up compliance spend to monitor messaging apps

The majority of banks and brokerage firms are now monitoring channels like WhatsApp

Wednesday 12 April 2023 at 17:16

'Investment will need to continue to meet mounting regulatory pressure'
'Investment will need to continue to meet mounting regulatory pressure' Photo: AFP via Getty Images

The majority of financial services firms are spending more to monitor staff as they expect increased risk-taking through the market downturn.

More than three-quarters of firms surveyed have hiked their spending on regulatory and compliance technology, a study by surveillance firm SteelEye shows.