this post was submitted on 08 Aug 2023
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Banks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reach (www.cnbc.com)
submitted 1 year ago by [email protected] to c/[email protected]
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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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[–] [email protected] 49 points 1 year ago (1 children)

And made $5 billion on the deal. I imagine it’s like “oh right, now we have to pay off the regulators, I mean the fine.”

[–] [email protected] 5 points 1 year ago

Its a shit show. Staff can't event send a text saying they are sick unless they use an approved business communication channel.

Worst still, if you receive said comms from staff on a non approved channel, eg your personal phone, you have to report it to HR.

There is no way bank's can operate like that so the regulator is going to be lining their pockets for quite some time.