The ongoing investigation into allegations of WhatsApp use by former Credit Suisse employees has been initiated by the Financial Conduct Authority (FCA) in the UK.
The inquiry focuses on the London research unit and covers the period from summer 2022 to early 2023.
The FCA has been actively collecting and analyzing information related to these allegations since late February 2023.
The regulatory body is interested in exploring possible measures against those involved.
The investigation has named more than half a dozen individuals, with at least three currently employed by UBS.
The FCA's scrutiny of Credit Suisse is not an isolated incident, as the authority has previously imposed fines and penalties for compliance failures.
The FCA's guidelines emphasize the importance of maintaining transparency and accountability in financial communications.
The ongoing investigation serves as a reminder of the regulatory landscape facing financial institutions and the need for robust compliance frameworks.
Financial institutions must prioritize compliance and ensure that employees are adequately trained in the appropriate use of technology for business purposes.