Morgan Stanleyone of Wall Street’s largest financial institutions, it will fine some of its bankers to do business connected to the bank through Whatsapp and other messaging platforms. How much will the penalized have to pay?
The internal fines, which will be $1 million, came after a series of hefty fines from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission.
Regulators announced, after reaching an agreement, sanctions of $2.01 billion on a dozen companies such as Bank of America, Citigroup, JPMorgan and Morgan Stanley itself.
Banks have been accused of failing adequately monitored the communications of its employees in messaging applications not authorized by banking regulations.
In case of Morgan Stanley, the fine was 125 million dollars by the SEC e US$75 million in the Futures Trading Commission case.
“Finance ultimately depends on trust. By failing to keep their obligations on the books and records, have the market participants we fined failed to keep that trust?” SEC Chairman Gary Gensler said when he announced the fines.
Gensler explained that communications about labor matters should be made “only through official channels that should maintain and preserve the conversations.”
The fines ordered by Morgan Stanley to their employees will be a few thousand dollars to more than 1 million dollarsn, and will be cashed out of previous bonuses or subtracted from future payments, company sources told the London Financial Times and the Bloomberg agency.
Between the factors that will be considered for sanctions will be considered the hierarchythe number of messages sent and whether or not the employee has received previous notices.
After the fact, the entity started training its employees for scenarios where they have to transfer their conversations from personal devices to other platforms like their work emails.
Source: Clarin
