NatWest has prohibited the use of WhatsApp, Facebook Messenger, and Skype on company devices due to concerns regarding regulatory scrutiny over record keeping. This decision was implemented earlier this month as part of the bank’s policy to allow only approved communication channels for business-related discussions, both internally and externally.
The move comes in the wake of increasing regulatory attention towards communication methods that complicate the retrieval of messages. For instance, last year, energy regulator Ofgem imposed a fine of £5.41 million on Morgan Stanley for traders using WhatsApp on personal devices to discuss market transactions. Similarly, in the United States, numerous financial services firms have faced penalties totaling nearly $3 billion for using unauthorized communication platforms such as WhatsApp and iMessage.