Sony reserves the rights to monitor and record user communications on PSN
Sony has updated the software terms of usage for PS4 to include a clause giving them the right to monitor and record the communications of PSN users.
This includes both voice and text communications made via the many options available to PSN users like game chat, party chat and text messaging.
Sony stated, "Any information collected in this way, for example, your UGM, the content of your voice and text communications, video of your gameplay, the time and location of your activities, and your name, your PSN Online ID and IP address, may be used by us or our affiliated companies to enforce these Terms and the SEN Terms of Service, to comply with the law, to protect our rights and those of our licensors and users, and to protect the personal safety of our employees and users. This information may be passed to the police or other appropriate authorities. By accepting these Software Usage Terms, you expressly consent to this."
They do caveat this saying that they cannot monitor all communications on PSN though so Sony won't be watching absolutely everything you do.
Thanks The Escapist.