It seems that every year brings another round of SEC and CFTC fines for off-channel communication violations, hitting nearly $2bn in 2022 for unauthorised use of encrypted messaging apps such as iMessage and WhatsApp. Yet, despite the headlines about billion-dollar penalties, advisers, wealth managers, and executives continue to use these platforms. Why? Because deal speed and client convenience outweigh the financial sting of regulatory fines. High-value clients—hedge funds, corporations, ultra-high net ...