Deutsche Bank has banned text messaging and communication programs such as Whatsapp company phones. Thus, the Compliance should be improved-standards. Compliance describes the adherence to legal and operational regulations and rules.
In the current quarter to be switched off such functions, the regulatory competent top Manager, Sylvie matherat, age and Head of IT Kim Hammonds on Friday in a message to employees, according to the news Agency Bloomberg reported. Unlike E-Mails, text messages, and communication Apps can be archived by the Bank, said a Person with knowledge of the decision.
authorities require banks to archive the communication of your employees. This is one of the Lessons learned as a result of the financial crisis. Offences by employees may be more easily elucidated.
“we are fully aware that this Change will change your everyday work and we are sorry for the inconvenience that this brings,” said matherat, age, and Hammond’s in the message. “However, the step is necessary to ensure that Deutsche Bank continues to meet all regulatory and legal requirements.” A spokesman for the Bank confirmed the decision to call without more Details.
The rule also includes private telephones, provided that they are used by the employees for the work. Except for Whatsapp, also communication tools like Google Talk, or iMessage to the associated services.
Deutsche Bank is working, in principle, to improve the Compliance and the own reputation to burnish, after several investigations and expensive legal disputes had about depressed due to the Manipulation of interest rates, money laundering or controversial mortgage transactions of the Institute. Chairman of the Board John Cryan declared cultural changes at the Bank to become a core part of the renewal of the Institute.
Since 2008, it has penalties, the Bank, and out-of-court settlements made, they cost more than 13.9 billion dollars, show Bloomberg data compiled. Therein 3.1 billion dollars are involved in punishment in the Wake of a last month with the U.S. Department of justice’s agreement due to Mortgages in the run-up to the financial crisis. Added to that is the 4.1 billion dollars of discounts for guilty of the Bank, which must be done in the next five years.
In July 2012, had destroyed the Bank accidentally 482 tapes with phone calls, their storage was arranged by the British financial Supervisory authority FCA, the authority. The FCA had increased a fine for interest rate manipulation to 101 million pounds, as the Bank had impeded the investigation.
The FCA had already adopted the 2010 rules, which require that the cell phone calls from dealers for at least six months need to be stored.