As NatWest bans WhatsApp, Skype, and Facebook for staff communications, it seems UK financial institutions are taking overdue steps to tighten compliance around messaging apps.
This weeks headlines on the BBC, The Times and Mail Online come after years of regulatory scrutiny in the United States. Since 2021, JPMorgan Chase and other Wall Street banks have been hit with hefty fines - totalling over $2.5 billion - for failing to ensure proper record-keeping in communications conducted over non-compliant messaging platforms.
FCA Focus on Unmonitored Electronic Communications
The Financial Conduct Authority (FCA) begun increasing focus on unmonitored electronic communications and record keeping in January 2021. As the FCA continues to ramp up pressure on British firms to address off-band communications, UK institutions appear late to the game.
The challenge lies in ensuring that communication channels used by employees meet stringent regulatory requirements, especially when it comes to auditability and record retrieval. NatWest’s recent move to block unapproved apps is an attempt to ensure compliance, yet it highlights the need for a compliant alternative that meets staff expectations for usability.
In steps Sentinel PiNG
Sentinel PiNG provides a secure and compliant solution designed specifically for regulated industries. Unlike consumer messaging apps, Sentinel PiNG integrates the robust functionality financial institutions require, including a unique, fully auditable message trail that ensures all communications are retrievable when needed for regulatory audits.
With the simplicity and immediacy of WhatsApp but without the compliance risks, Sentinel PiNG helps financial institutions protect themselves from regulatory scrutiny while supporting the same level of convenience and responsiveness that employees expect from modern messaging apps.
The time to switch is now
In a world where regulatory focus is only intensifying, the transition to compliant messaging platforms like Sentinel PiNG could not be more urgent for UK financial institutions.
As the FCA begins to closely examine how institutions manage unmonitored communications, there is an undeniable opportunity to get ahead of the curve. Sentinel PiNG offers that pathway to compliance without compromising on the ease and agility that define effective communication in today’s fast-paced environment.
Cover Photo by Christian Wiediger on Unsplash
