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Morgan Stanley to Pay $60M for Data Protection Miscue

Morgan Stanley has agreed to pay $60 million to settle claims that the bank failed to properly safeguard customer information when it decommissioned two wealth management data centers. So reports Compliance Week.

Morgan Stanley2According to the Office of the Comptroller of the Currency’s consent order, citing two instances of decommissioning (in 2016 and 2019), Morgan Stanley “engaged in unsafe or unsound practices that were part of a pattern of misconduct.”

The Wall Street firm, which neither admitted nor denied the claims, said in a statement that it has “instituted enhanced security procedures, including continuous fraud monitoring, and will continue to strengthen the controls that we have in place to protect our clients’ information.”

Read the full article from Compliance Week.

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