The Risk of Relaxed Regulations in Finance: How WhatsApp Chats Triggered Billion-Dollar Fines

Indonesia explores relaxing regulations to allow reinsurers to establish domestic branches

In a press conference covered by the Jakarta Globe, Indonesia’s Financial Services Authority (OJK) confirmed that the country is planning to explore relaxing regulations to promote multinational reinsurance companies to open branches in Indonesia. This follows response to a widening deficit in the country’s reinsurance balance of payments. Indonesia recorded a Rp 12.1 trillion ($732.9 million) deficit in reinsurance transactions last year, marki…

The Risk of Relaxed Regulations in Finance: How WhatsApp Chats Triggered Billion-Dollar Fines

In December 2021, JPMorgan paid $200 million in fines for failing to monitor employee communications on unauthorized channels like WhatsApp and iMessage. At first, it looked like a high-profile anomaly. But by 2023, that fine had sparked a $1.8 billion enforcement wave across 16 major financial firms.These penalties weren’t just about tech misuse—they revealed a broader failure to monitor informal communications in regulated environments. What b…