783
submitted 11 months ago by L4s@lemmy.world to c/technology@lemmy.world

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.

you are viewing a single comment's thread
view the rest of the comments
[-] mojo@lemm.ee 209 points 11 months ago

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.

[-] treadful@lemmy.zip 51 points 11 months ago

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.

[-] Cras@feddit.uk 1 points 10 months 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.

[-] flumph@programming.dev 39 points 11 months 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.

[-] cyberpunk007@lemmy.world 17 points 11 months ago

Never considered this angle but you're right.

[-] broguy89@lemm.ee 16 points 11 months ago

I see this as a "yes, Signal is secure, look, they used it and are getting away with it too" narrative.

[-] hackitfast@lemmy.world 9 points 11 months 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.

this post was submitted on 08 Aug 2023
783 points (98.8% liked)

Technology

55690 readers
2983 users here now

This is a most excellent place for technology news and articles.


Our Rules


  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each another!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed

Approved Bots


founded 1 year ago
MODERATORS