5 ms·

I had a problem with including the full headline because only so many characters could be used in the title of the post.

by ikue 3y ago

yorwba 3y ago
Banks fined millions for using chat apps to evade regulators
richbell 3y ago
That makes sense. The title character limit seems to be a cause of frequent confusion.
- ikue 3y ago
  It does and the limit makes it come off as clickbait-y which I don't like.
  - WarOnPrivacy 3y ago
    Personally, I sympathize. Rewriting headlines here (when necessary) can be tough; it isn't a given that the optimal one will reveal itself.
psychphysic 3y ago
You could have used "Banks fined millions evading regulation with Signal & WhatsApp" News headlines have rules they use to make for shorter sentences. They'd probably write "Banks fined millions, delete records, use E2E apps"
- kolbe 3y ago
  Here's a link to the actual press release: https://www.sec.gov/news/press-release/2023-149 https://www.sec.gov/news/press-release/2023-149 It makes no mention of evading regulation. This fine is for a failure to retain written communications. Which is impossible to do for some of these communications channels.
  - HPsquared 3y ago
    Intent is harder to prove.
    - kolbe 3y ago
      What do you think we should assume about your communications on encrypted channels? This entire thing is yet another federal effort to criminalize encrypted communications, and it even works on the HN crowd. All they have to say is "big banks bad" and people here go from freedom fighters to government pawns.
      - nradov 3y ago
        This has nothing to do with encryption. Banks are free to encrypt their communications. But they need to keep communication logs and make the plain text available to regulators in certain circumstances.
      - tqi 3y ago
        That's not what is happening here.
      - doesnt_know 3y ago
        It's end to end encryption, as in, there are ends on each side where it is decrypted, usually for the humans to read. At the ends the records should have been maintained, the regulations aren't incompatible with E2E.
        kolbe 3y ago
        I'll respond to all three of you: yes it is difficult to retain all potentially work-related communications that take place on your employees' personal devices, so the alternative is to retain all communications. It is absolutely incompatible with E2E encryption to mandate a third party access to one of the Es for surveillance purposes.
  - groby_b 3y ago
    Not retaining written comms is evading regulations - "retain written comms" is one, and using Signal/WhatsApp is evading it. Nobody working in banking is unaware of the written comms rules. Nobody using Signal or WhatsApp in that context is unaware they can't retain written comms. Can you prove intent? Probably not. Is it clear as daylight why this happened? Uh, yes. And so the SEC hits them where it hurts at least a little bit, in the wallet. Also, if you pay attention to the banking space... this is pretty much the usual cast of characters. There's absolutely no surprise.
- p3rfect 3y ago
  [dead]

I had a problem with including the full headline because only so many characters could be used in the title of the post.

by ikue 3y ago

I had a problem with including the full headline because only so many characters could be used in the title of the post.

yorwba 3y ago

Banks fined millions for using chat apps to evade regulators

richbell 3y ago

That makes sense. The title character limit seems to be a cause of frequent confusion.

ikue 3y ago
It does and the limit makes it come off as clickbait-y which I don't like.
- WarOnPrivacy 3y ago
  Personally, I sympathize. Rewriting headlines here (when necessary) can be tough; it isn't a given that the optimal one will reveal itself.

psychphysic 3y ago

You could have used "Banks fined millions evading regulation with Signal & WhatsApp" News headlines have rules they use to make for shorter sentences. They'd probably write "Banks fined millions, delete records, use E2E apps"

kolbe 3y ago
Here's a link to the actual press release: https://www.sec.gov/news/press-release/2023-149 https://www.sec.gov/news/press-release/2023-149 It makes no mention of evading regulation. This fine is for a failure to retain written communications. Which is impossible to do for some of these communications channels.
- HPsquared 3y ago
  Intent is harder to prove.
  - kolbe 3y ago
    What do you think we should assume about your communications on encrypted channels? This entire thing is yet another federal effort to criminalize encrypted communications, and it even works on the HN crowd. All they have to say is "big banks bad" and people here go from freedom fighters to government pawns.
    - nradov 3y ago
      This has nothing to do with encryption. Banks are free to encrypt their communications. But they need to keep communication logs and make the plain text available to regulators in certain circumstances.
    - tqi 3y ago
      That's not what is happening here.
    - doesnt_know 3y ago
      It's end to end encryption, as in, there are ends on each side where it is decrypted, usually for the humans to read. At the ends the records should have been maintained, the regulations aren't incompatible with E2E.
      - kolbe 3y ago
        I'll respond to all three of you: yes it is difficult to retain all potentially work-related communications that take place on your employees' personal devices, so the alternative is to retain all communications. It is absolutely incompatible with E2E encryption to mandate a third party access to one of the Es for surveillance purposes.
- groby_b 3y ago
  Not retaining written comms is evading regulations - "retain written comms" is one, and using Signal/WhatsApp is evading it. Nobody working in banking is unaware of the written comms rules. Nobody using Signal or WhatsApp in that context is unaware they can't retain written comms. Can you prove intent? Probably not. Is it clear as daylight why this happened? Uh, yes. And so the SEC hits them where it hurts at least a little bit, in the wallet. Also, if you pay attention to the banking space... this is pretty much the usual cast of characters. There's absolutely no surprise.
p3rfect 3y ago
[dead]