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Banks face a WhatsApp reckoning as regulators clamp down on messaging apps

Anthony Diana

As regulators hand out hundreds of millions of dollars in fines for record-keeping failures related to the use of social messaging platforms such as WhatsApp, the finance industry faces a choice: properly enforce bans on the use of these apps or find ways to make them compliant.

“The explosion of new electronic communications channels — and the pervasive use of these — raises lots of red flags for the regulators,” said Anthony Diana, a partner at law firm Reed Smith’s Tech & Data Group. “The fear is that, if bad things are happening, they’re happening on these personal apps, not on the sanctioned communication channels that are surveilled.”

Anthony Diana

Anthony Diana, a partner at law firm Reed Smith’s Tech & Data Group.

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Source:: Computerworld