Trading

JPMorgan’s WhatsApp fine shows compliance nightmare as banks spy on traders — Here’s what you need to know

Messaging apps like WhatsApp are causing headaches at banks and finance firms trying to keep tabs on remote-working traders
Messaging apps like WhatsApp are causing headaches at banks and finance firms trying to keep tabs on remote-working traders Photo: Phil Barker/Getty Images

JPMorgan's $200m in fines to the US banking regulator for failing to keep track of workers' use of personal messaging apps are a sign that banks won't get a free pass in keeping tabs on workers during the pandemic.

The development highlights the risk for firms when traders, bankers and salespeople — subject to strict rules around the recording and reporting of conversations and transactions — are able to work from their kitchens and bedrooms, and out of eyesight of bosses.

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