Financial institutions such as banks have an obligation to record certain business communications, including phone calls and emails. This new reality in communication methods has led regulators to focus on how companies manage this data.
regulators are increasingly focusing investigatory and enforcement efforts on ensuring that companies track, manage, and archive business-related employee communications, including text and chat communications on personal devices.įor some time, but especially over the course of the COVID-19 pandemic when away from traditional office settings, workers have been increasing their business use of text messaging (for example via SMS or iMessage) and chat applications (such as WhatsApp, Signal, and WeChat). regulators and financial institutions are again engaged in litigation over record-keeping obligations, this time over text and chat applications. Today, in a trend that has been coming for some time, but that has been accelerated by the realities of work from home brought to light by the COVID-19 pandemic, U.S.
In the early 2000s, financial institutions were still in litigation with their regulators over their obligation to preserve email communications as business records.
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Companies should consider how to mitigate risk and promote compliance with record-keeping requirements, including by implementing appropriate policies, processes and technology.regulators are increasingly focusing enforcement efforts on retention requirements as they relate to non-email electronic communications. As demonstrated by today’s announcements of $200 million in penalties against a financial institution, U.S.Employees are conducting business and communicating via text and chat applications COVID-19 and work at home have resulted in increased business use of texts and chats.Data Innovation, Privacy & Cybersecurity.Family Office & High-Net-Worth Individuals.
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