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Regulation


CREDIT SUISSE AND HSBC FIRE STAFF FOR USING WHATSAPP

HSBC fired a London-based trader and Credit Suisse dismissed a veteran banker in
New York for using personal messaging systems to communicate with clients.

By Nithya Subramanian, Fergus Horsfall Posted 16 June, 2022



Banks have started taking strict action against staff using private messaging
systems like WhatsApp to circumvent monitoring when contacting clients, with
HSBC firing a trader and Credit Suisse sacking a banker.

The HSBC trader was dismissed following an investigation by the bank’s London
compliance team this year into the way staff were using messaging tools such as
WhatsApp, according to the Financial Times.

The report said HSBC’s compliance team discovered messages on the individual’s
phone that revealed a broker buying the trader tickets to a sporting event.

The FT also reported that Credit Suisse dismissed Anthony Kontoleon, the group’s
global head of equity capital markets syndicate in New York, for similarly using
messaging apps.

Kontoleon was removed from his post in April, and is set to leave the bank after
28 years working there after being found to have used personal messaging
applications to communicate with clients.

The investigation did not find that he had shared any inappropriate information,
but sources told the paper that Credit Suisse’s management hoped that a senior
departure would demonstrate that the bank was serious about compliance with
record-keeping rules.

Regulators worldwide are keeping a close eye on how banking staff are
communicating with their clients to ensure they are not conducting
business-related communications through private channels.

JP Morgan was fined $200m by US regulators last December after its staff,
including managing directors, were found to have routinely used WhatsApp or
personal email to avoid regulatory scrutiny when communicating with clients.

The bank had to cough up $125m to settle the Securities and Exchange
Commission’s case and a further $75m fine to the Commodity Futures and Trading
Commission.

The investigations found that more than 100 staff had been using personal
devices to discuss investment strategies and client meetings in unregistered
messages since at least 2015.


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