Things to Know About WeChat Trading and Compliance

 

Not long ago, British Petroleum terminated 4 trading as well as operation staff who dealt with Chinese crude oil sales because of an internal investigation into trades with Singapore’s Hontop Energy.  3 people that were familiar with the matter cited the improper use of the WeChat messaging platform as a tool for commercial discussions with counterparties as one of the factors that led to that termination. As a business person or company owner, you need to keep in mind that WeChat compliance is a critical issue for financial and other firms across the European continent.

British Petroleum said that it usually does not comment on personnel matters or on its WeChat use policy. WeChat trading is not allowed by most companies, even though it is not clear if British Petroleum’s communication policy has anything on WeChat trading or on the official use of WeChat for communication. But it is true that financial service firms and other major companies take WeChat compliance seriously and have put in place strict policies on the use of WeChat for business communication. Both WeChat recording and WeChat archiving are also mandated by various regulations.

People said that the decision was made in the first week of October. The staffs were force to go on leave during early July, while British Petroleum was conducting the investigation. It is said that the staffs worked in crude trading and operations roles in Singapore and Shanghai.

Business firms need to educate their employees on their WeChat compliance policies as well as on how various regulations make it mandatory for firms to do WeChat recording as well we WeChat archiving. Any violations of these regulations could mean fines, suspension or civil liability. But it is very possible to use the mobile app and desktop versions of WeChat by following WeChat compliance policies. When you us applications to monitor, capture and archive WeChat communication in your company, you can allow your traders to continue using WeChat for conducting genuine trading practices.

For more information on WeChat Trading and compliance, visit our website at https://www.telemessage.com/

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