Apparently, a new technological solution is to be introduced.
(Photo: AFP)
Frankfort, New York Deutsche Bank apparently wants to tighten control over its employees’ electronic communications, according to financial circles. Accordingly, the bank wants to introduce a new technological solution with which it can store and monitor messages sent via apps. The financial services provider Bloomberg had initially reported on this. The aim is to maintain the convenience of the services while at the same time being able to meet regulatory requirements.
The US Securities and Exchange Commission recently tightened its requirements with regard to communication outside of the company’s own services. Last year, JP Morgan was fined $200 million for violating message retention requirements when using Whatsapp and email. It was also about the use of private mobile phones when they are used for business purposes. It was initially unclear whether Deutsche Bank’s solution was limited to company cell phones. Especially in times of increased home working, the SEC is concerned that employees can use easier ways to circumvent internal compliance.
“In view of the technological change, it is all the more important that the supervised ensure that their communication is properly recorded and does not take place outside of the official channels in order to evade market surveillance,” said the head of the SEC, Gary Gensler, when the fine was imposed explained.
Deutsche Bank was also faced with questions regarding the communication channels of its managers. As emails available to Bloomberg show, the current boss of the fund subsidiary DWS Group, Asoka Wöhrmann, sometimes used his personal email account in 2017 and 2018 to coordinate an investment by the bank. At that time he headed the retail business of Deutsche Bank.
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According to CEO Christian Sewing, the bank is investigating the matter, which was first reported by the Süddeutsche Zeitung. Deutsche Bank and DWS spokesmen declined to comment. In addition, the board of DWS is said to have exchanged views on their own Whatsapp group, as reported by Manager Magazin. An insider is said to have reported this to the German financial regulator Bafin.
More: Woehrmann rejects the allegations