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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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[–] 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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