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What We Heard at FINRA’s Annual Conference
At last week’s FINRA Annual Conference, one topic came up in nearly every conversation with compliance professionals: how to manage the growing risk of iMessage.
Despite its widespread use, iMessage remains one of the least addressed compliance gaps in regulated industries. With iPhones accounting for 58 percent of the U.S. smartphone market, employees at broker-dealers, RIAs, hedge funds, and private equity firms are using iMessage every day to communicate with clients and colleagues.
Most firms still do not have a way to monitor or archive these communications.
That is a problem. Regulators have made their expectations clear. If your firm cannot retain and produce business-related communications, you are non-compliant. Over $2.7 billion in fines have already been issued for off-channel communication violations. iMessage is quickly becoming a focal point for regulators.
Why iMessage Is Still a Blind Spot
From our conversations at FINRA and ongoing work with compliance teams, we consistently hear the same challenges:
End-to-End Encryption
Apple’s encryption is designed to protect user privacy, but it also prevents compliance teams from accessing or reviewing message content unless it is captured directly from the device.
BYOD Complexity
Employees often use personal iPhones for business communication. This leads to business and personal messages being mixed in the same messaging thread, making it difficult to capture the right data without violating employee privacy.
No Archiving Support from Apple
Apple does not offer any native compliance tools. There is no way to automatically archive or export iMessage content through iOS. Unlike platforms like Microsoft or Google, Apple does not support corporate data governance needs.
Legacy Systems Are Not Designed for Mobile Messaging
Traditional compliance platforms were built to monitor email, voice calls, or Bloomberg chat. They are not equipped to handle real-time, encrypted mobile apps like iMessage.
This creates a significant gap in many firms’ compliance programs.
Why Banning iMessage Is Not a Long-Term Strategy
Some firms have attempted to address the risk by banning iMessage outright. But as several compliance leaders told us last week, banning the app does not eliminate its use.
Employees continue to communicate through iMessage, especially in BYOD environments. Without the right controls, those conversations are not captured or retained, which increases regulatory exposure.
Rather than relying on bans, firms need to take a proactive approach. That starts with enabling compliant usage of iMessage through modern tools and clear internal policies.
Four Steps to Improve iMessage Compliance
To manage iMessage risk effectively, firms should take the following actions:
- Implement Native Capture Technology
Use a solution that captures iMessage content directly from employee devices, including message threads, metadata, and full context. This is the only reliable way to meet recordkeeping requirements.
- Update Communication Policies
Your policies should specify which communication channels are approved, how they are supervised, and how mobile messaging is handled on personal devices.
- Provide Employee Education
Many employees are not aware that an iMessage to a client is considered a business communication. Ongoing training is key to building awareness and avoiding accidental violations.
- Balance Privacy and Compliance
Look for solutions that allow your firm to capture only business-related content while excluding personal messages. A thoughtful approach to BYOD can satisfy both compliance obligations and privacy expectations.
The Regulatory Standard Is Rising
Recordkeeping requirements apply to all business communications, regardless of platform. Regulators are expanding enforcement to include mobile messaging apps, and iMessage is next.
Firms that delay action risk fines, reputational damage, and operational inefficiencies. Firms that invest now in modern compliance tools will be better prepared for scrutiny and better positioned to grow.
How MirrorWeb Supports iMessage Compliance
MirrorWeb helps regulated firms capture, retain, and supervise modern communication channels, including iMessage, without disrupting how employees work.
Our platform offers:
- Native iMessage capture from personal or corporate devices
- Full support for BYOD environments
- Unified oversight across email, chat, and mobile
- Privacy-conscious filtering and customizable review workflows
We attended the FINRA conference because we want to stay close to the challenges compliance teams are facing in real time. iMessage came up again and again, and we are ready to help firms close this growing gap.
Ready to Close the iMessage Gap?
If your firm is still evaluating how to manage iMessage, now is the time to act.
Book a demo to learn how MirrorWeb can help you monitor and archive iMessage compliantly and securely.
Or explore our platform to see how we support modern communication capture across all key channels.
