Are you using WhatsApp at work to beat compliance – if so watch out
28/09/2020
A former banker at VTB facing an insider trading probe who deleted WhatsApp from his smartphone has been charged with destroying documents by the UK's Financial Conduct Authority in a ground-breaking prosecution.
Konstantin Vishnyak, 41, was under investigation by the FCA for suspected insider dealing offences. The watchdog alleged he deleted the WhatsApp messaging app on his phone after investigators demanded to see it.
Vishnyak, who pleaded not guilty Sept. 6, will appear Oct. 4 in a London court, the Financial Conduct Authority said in a statement.
This is the FCA's first prosecution in connection with the alleged destruction of documents under Financial Services and Markets Act of 2000, the watchdog said in a statement.
The FCA alleges Vishnyak deleted the WhatsApp application on his mobile phone after he was required to provide it as part of the investigation"
Under the Act, a person is guilty of an offence if he or she knows an investigation is being or is likely to be conducted and destroys any relevant documents.
This applies if a person "falsifies, conceals, destroys or otherwise disposes of a document which he knows or suspects is or would be relevant to such an investigation", unless they show no intention of concealing facts disclosed by the documents from the investigator.
"Vishnyak was under investigation by the FCA for suspected insider dealing offences," the statement read.
"The FCA alleges Vishnyak deleted the WhatsApp application on his mobile phone after he was required to provide it as part of the investigation."
Vishnyak worked at VTB Capital between 2008 and 2016 and is now head of business development at Queen Street Finance.
The offence with which he is charged carries a maximum two-year sentence.
https://www.ft.com/content/ba2ce726-d0b8-11e9-b018-ca4456540ea6
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews Disclaimer
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.