Right - or if it's over the phone.

What if I dictate into my phone and What's App sends it as text? Purely to save bandwidth of course.

That is one of the things that the banks are being fined for.

I um unsure about current status in the States, but in Europe all conversations with a client over the phone where you might discuss commercial terms need to be recorded. Banks just cover their backs, and for customer facing positions all phone calls, no matter if through landlines (or IP telephony) or cell are recorded, either by the PBX software or by the carrier.

Employees are reminded not to use these lines for personal reasons (imagine an employee using the phone line to discuss their health with their doctor, and the employer just recorded extremely sensitive information from an employee), but the alternative means a strong fine from the regulators (usually the local AML authority).

Mostly not. But many interactions such as a Risk and Audit Committee are required to have minutes and signed by all participants. This is usually for all sessions which shape and oversee key policies such as Risk, AML, Audit, etc…