Wall Street firms are amping up their Big Brother powers — hiring high-tech surveillance firms that can track nearly every move their employees make, from social media to the dark Web and even if there is any irregular ATM activity on their bank accounts, The New York Post has learned.
The newspaper reports that the moves by the banks — to protect themselves from stiff fines and to finger potential law-breakers on the payroll — come as the Department of Justice said this month that it would seek to nail individuals during probes and that banks would be expected to cooperate if they wanted leniency in settlements, sources said.
The new tactics may raise eyebrows in some corners of the financial world, but this brave new regulatory world could become the norm.
'It is critical that we balance freedom and flexibility with visibility and governance', Prakash Nanduri, CEO and co-founder of Paxata, a Redwood City, Calif., company whose software draws on data from social media and the dark parts of the internet, said in a recent interview.
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