Bankers are forced to install an app that tracks messages Business

Bankers at Germany’s biggest lender are being forced to install an app that tracks communications on their phones as regulators crack down on messaging between bankers and customers on platforms like WhatsApp.

In recent weeks, Deutsche Bank has asked some employees to download Movius, a US mobile app that allows compliance staff to monitor people’s calls, texts and WhatsApp conversations, according to the Financial Times.

It is understood that the rollout focused on business phones and not private devices.

The surveillance push comes as regulators around the world increasingly focus on bankers’ use of messaging apps. Last year, JP Morgan Chase was fined $200 million by US regulators for failing to keep records of staff communications on personal devices.

Senior lender executives have become more sensitive to private messaging following the scrutiny. Many banks have revealed in recent annual reports that they are under investigation by the US Commodity Futures Trading Commission for using inappropriate channels for trading discussions.

“Keeping complete and accurate books and records is necessary to operate in our industry, as is diligent supervision,” said Rostin Behnam, acting chairman of the CFTC, which regulates U.S. derivatives markets.
He added that the monetary penalties were intended to send a clear message that the CFTC would “aggressively investigate potential recordkeeping and oversight violations.”

Since then, HSBC and Credit Suisse have both fired bankers this year after uncovering undisclosed communications.

A senior Credit Suisse banker has been fired for using an unauthorized messaging app.

Across the industry, banks have resorted to software to monitor their employees more closely. During the pandemic, Movius has become the preferred app for banks looking to keep tabs on staff working in heavily regulated roles, such as trading.

JPMorgan Chase, UBS, Julius Baer, ​​Jefferies and Cantor Fitzgerald have all used the software in recent years, the FT reported.

German regulator Bafin had previously asked Deutsche Bank to provide information about its employees’ communication methods and would be working on a fix to improve its compliance monitoring capabilities, Bloomberg reported.

Not all third-party communication platforms are prohibited. Financial services messaging systems, such as Symphony or the Bloomberg Terminal messaging feature, are widely used tools for sharing commercially sensitive information.

Deutsche Bank, Credit Suisse and HSBC have been contacted for comment.

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This notice was published: 2022-06-17 17:50:30

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