221–230 of 247 posts
This headline is clickbait. The issue is banks not preserving records, something that the rules are ABUNDANTLY clear on.
The real issue is that there are just fines, which sound like a lot of money but it’s a small cost of doing illegal or shady business for banks.
can't push jail on customers...
The problem is no one has ever heard of Symphony, doesn't want to install it so they can ask a simple question, and the user experience is meh at best. If you do the right thing, clients would likely perceive you as difficult to work with and perhaps go elsewhere. To done extent, the inevitable fines might be seen as a necessary cost of doing business. So a pretty severe crackdown was necessary to ensure everyone is properly incentivized to inflict this pain upon clients.
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How much data is that? Where it's stored? How's that achieved for the company provided IPhones?
What do iPhones have to do with this?
Ha, in Europe WhatsApp is even used by doctors and teachers to discuss patient/student matters, and even some government offices use it. It's wild how entrenched it is in every aspects of society, from social to business. Goes to show you how far good UX, simplicity and ease of use can take you.
Never heard of it. Perhaps not in the entire europe?
Never heard of Whatsapp? Try removing the comments where you talk about it then.
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great - however you are one person, the large banks involved here have staff of a few hundred thousand each across several countries and with various backgrounds and norms, many who are also friends and have contact with each other outside of office hours. I agree, one needs to keep work comms on approved software, I'm simply stating that while it's fun to be like "oohh big bad bank was hiding secret convos" it was m…
Literally the only reason to use Signal is to talk about unionizing, drugs, or shady biz deals. Texting your coworker, would the usual path, not some secondary software that requires both people to set up ahead of time.
You do realize there are many places in the world where WhatsApp is the defacto standard tool to communicate correct?
This headline is clickbait. The issue is banks not preserving records, something that the rules are ABUNDANTLY clear on.
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Lots of ways: - A banker answers honestly when interviewed by the regulator because they decide it's better for the Bank to take the fine than lie to regulator and risk personal criminal charges (unlikely, but why take that risk?). - Regulator asks for evidence of some documentation (like trade confirmation), compliance asks banker, banker doesn't have it and admits it was over this app. - Whistleblower or other sour…
I'd delete all my messages before doing any of that. I'm not one for deceiving the regulators, but for lack of a better term when it comes to compliance, they cannot handle the truth.
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I don't see a downside to expanding the record keeping requirements. Record keeping is easier than ever and frankly banks haven't proven themselves worthy of our trust. Sounds great to me.
I don't think I disagree and I don't think Matt does either. The point is that from a bank employee perspective, a hallway conversation, a text message, and a WhatsApp chat might seem pretty similar, and no one expected face to face chats to be memorialized in preserved records, so why the other two? So in a meaningful sense, the requirements around preservation have expanded significantly, and it shouldn't be a surp…
To quote Stringer Bell from The Wire: “Is you taking notes on a criminal fucking conspiracy?”
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Can't speak for the entire Europe obviously, usage varies from country to country, but where I've been it's pretty well entrenched for bot social and business.
WhatsApp is widely used by UK ministers to communicate with potential donors, lobbyists and other politicians. I don't know why it's allowed; in-person meetings are supposed to have a civil servant present and taking notes. WhatsApp gets them off the FOI hook.