Morgan Stanley Fined $60 Million in Failed Data-Center Oversight
- OCC penalty stems from shutting wealth-management data centers
- No additional business restrictions associated with sanction
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Morgan Stanley agreed to pay $60 million to settle claims that the bank didn’t properly handle decommissioning of data centers tied to its wealth-management business, the Office of the Comptroller of the Currency said Thursday.
The Wall Street firm “failed to effectively assess or address risks associated with decommissioning its hardware,” including improper assessment of the risks of subcontracting the work and failing to keep appropriate tabs on customer data stored on obsolete devices, the regulator said in a statement. The agency’s consent order came without additional business restrictions.