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.
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.
That isn’t a fine. That’s the cutest if doing business to these assholes. I keep saying it, fines need to be calculated on a logarithmic scale based on income and net assets. That goes for everything from a speeding ticket to wire fraud - literally every crime with a fine as punishment.
Don’t need no logarithm :-)
Just 1% of their worldwide year’s revenue for each day when the offence is/was happening.
Actually being directly in a position to see how seriously this is taken by the banks, mobilizing to address the problem of staff using non approved and recorded communications is massive and doing exactly what the fine is supposed to do - motivating the companies involved to get off their arses and fix the gaping holes that allow this to happen.
Source - I’m the guy on the tech side who has to come up with solutions to allow communications with clients/peers/other firms over whatsApp, Signal, Line, SMS etc in a way that is able to be archived in line with the law