JPMorgan hit with $200 million in fines for letting employees use WhatsApp to evade regulators' reach

[Mic Drop]

https://www.cnbc.com/2021/12/17/jpmorgan-agrees-to-125-million-fine-for-letting-employees-use-whatsapp-to-evade-regulators.html?

“While SEC officials said the $125 million penalty is its largest record-keeping fine to date, the bigger threat to JPMorgan may be reputational. By going after JPMorgan, the world’s biggest Wall Street firm by total revenue, the SEC has put the industry on notice.”

$200m for 2018-2020. 2021Q3 net was $11.7b.

Even if you add the other fines, the fines don’t move the needle.

Executive crime wont slow down untill the fines can bankrupt the company or the executives face jailtime for breaking the law.

[Mic Drop]

Imagine stealing £10,000,000 from a bank, and the only punishment is a £10 fine.

No, no, not give the £10,000,000 back and pay a £10 fine, but keep the £10,000,000 and pay the £10 fine.

This is exactly what is happening here; absolutely sickening.

[natasha7898]

JPMorgan's $200 million penalties emphasizes the importance of strict compliance controls in the banking sector. Allowing workers to use unmonitored messaging applications raises significant regulatory concerns, stressing the requirement of stringent control to ensure market integrity.

[natasha7898]

On 9/11/2023 at 12:38 AM, natasha7898 said:

JPMorgan's $200 million penalties emphasizes the importance of strict compliance controls in the banking sector. Allowing workers to use unmonitored messaging applications raises significant regulatory concerns, stressing the requirement of stringent control to ensure market integrity.

Allowing employees to utilize unrestricted messaging services presents serious regulatory issues, underscoring the need for strict regulation to protect the integrity of the market.