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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach (www.cnbc.com)
submitted 3 years ago by [M, B] to c/technology@lemmy.world
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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach::Wells Fargo, a relatively small player on Wall Street, racked up the most fines Tuesday, with a total of $200 million in penalties.

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[–] 212 points 3 years ago (5 children)

Private speech is never the problem and should absolutely be encouraged as a human right. The problem here is them avoiding regulators and should get fucked for that alone, that's the crime here. Signal and Whatsapp should not be mentioned at all and this is an attempt to push "encryption bad" narrative.

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  • [–] 53 points 3 years ago (1 child)

    Yeah, the issue is evading records keeping requirements. The issue is not encrypted communications.

    These articles make me pucker my asshole. Like it could be that thing that sends us down that slippery slope.

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  • [–] 1 point 3 years ago

    I work for a large American bank working under a consent order from the SEC to address this exact problem, and it's my job to find and implement the solutions. I can say with absolute confidence that weakening platform integrity is absolutely not a solution being pushed for any of this - not least because the platform owners will 100% not cooperate with any attempt to do so.

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  • [–] 39 points 3 years ago

    I worked at a firm that was regulated and audited by the SEC. The standard lesson from the compliance department was always to have potentially problematic conversations out loud instead of in email or Slack. They never needed encryption to avoid regulators.

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  • [–] 9 points 3 years ago

    I thought about that already. It's absolutely intentional, because you already know that they'll keep using those apps, and even if they were illegal, they would keep using them and just get another fine, which is obviously not something that bothers them. It's to prevent normal people from having any privacy.

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