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City firms ramp up compliance spend to monitor messaging apps

The majority of banks and brokerage firms are now monitoring channels like WhatsApp

'Investment will need to continue to meet mounting regulatory pressure'
'Investment will need to continue to meet mounting regulatory pressure' Photo: AFP via Getty Images

The majority of financial services firms are spending more to monitor staff as they expect increased risk-taking through the market downturn.

More than three-quarters of firms surveyed have hiked their spending on regulatory and compliance technology, a study by surveillance firm SteelEye shows.

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