The financial Times is reporting Deutsche Bank has forced staffers to install an app on their phone which will allow the bank’s management to monitor the calls, texts, and Whatsapp messages of the staffers.
For the past several weeks Deutsche Bank’s IT teams have been installing the apps on employee’s phones. The app, by US Firm Movius, is being installed ostensibly so compliance teams can monitor communications between the staff and clients.
Part of the motivation is word that regulators in multiple nations, including Germany, the UK, and the US, are all increasingly looking at client communications. Recently a former executive at Deutsche Bank’s asset management unit filed a whistleblower complaint with Germany’s BaFin regulatory agency, in which he specifically cited WhatsApp messages as a means of bypassing records keeping laws, prompting BaFin to issue questions to the bank on how employees use messaging apps.
JP Morgan Chase was fined $200 million by the SEC and SFTC due to employees using WhatsApp to get around US Federal record keeping laws. HSBC, and Credit Suisse have also dismissed staff over improper messaging designed to bypass record-keeping laws.