That's some Illuminati-level secret society stuff right there. Clickbait much?
I don't know what Illuminati have to do with this post, but I'm sure compliance personnel, at least, would like to know what is said at remote, private discussions between high-level representatives of competing firms.
It's not common practice to record office conversations. Neither is it common to forbid offsite meetings.
The counterpoint is that, if you have strong regulators, then they will sniff out the funny business anyway. The resultant fines would hurt the bank's stock, which would still be negative for the compliance personnel.
There, we just had a discussion as to compliance workers' future compensation. And we're not even in the business!