American Banker Quotes Associate Shelli Clarkston on Financial Institutions' Response to SEC Regulatory Crackdown on Bankers Using Unmonitored Messaging Apps

American Banker

American Banker recently quoted Lathrop GPM associate Shelli Clarkston in a piece discussing financial institutions' response to a regulatory crackdown by the Securities and Exchange Commission this year on bankers using unmonitored messaging apps, particularly WhatApp.

Employees violate communication monitoring rules when they send messages through an unauthorized app, even if in reply to a client who messaged them first. Oftentimes mistakes or a lack of education lead to the violations; sometimes, traders violate the rules with malice or gross negligence.

"I think, realistically, banks need to get away from expecting their employees to conduct business through the employee's own devices," Clarkston said. By providing employees with work devices, she said, banks can ensure the apps on that work device meet the firm's security and privacy standards, and importantly, that they are appropriately monitored.

Read the full article here [SUBSCRIPTION REQUIRED]: Banks concerned about employees' use of WhatsApp have options.