A WeChat logo is displayed inside TIT Creativity Industry Zone where Tencent office is located in Guangzhou, China.Wall Street is losing its grip on employee communications amid a proliferation of encrypted messaging apps, according to remarks made by bankers and enforcement officials at a conference panel in Phoenix.
Those efforts continue to come up short. That's the conclusion of a recent exchange between one of Wall Street's top lawyers and government enforcement officials at a conference in Phoenix. Conversations with a half dozen lawyers, both in house and external, on the sidelines of the event suggest it's a big problem for the industry.
"Technology around communications is evolving beyond the governing regulations with respect to retention of client communications and business-related communications," said Grossman."Texting is supplanting email and lots of folks have both personal and business relationships so they are texting someone personally about, well, something personal, and it changes into a business communication.
"There's a value that they're selling, and that's privacy," said Joseph Facciponti, an attorney at Murphy and McGonigle, who ran internal investigations at HSBC earlier in his career, referring to the tech companies."It's going to be hard to put the genie back in the bottle."for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.
The challenge is made more difficult when companies require employees to use their personal device for company business, in what's known as bring-your-own-device policy. That makes it possible for employees to have the apps on the phone they use for business, comingling business communications with personal correspondence.Wall Streeters fled to Silicon Valley to chase riches, influence, and a better life. Now they're bouncing back to banking.
"I know in our exams and investigations, we routinely ask for those kinds of communications," she said,"knowing that there is a very high likelihood that they exist, particularly in higher risk situations."
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