Morgan Stanley fined bankers millions of dollars for using WhatsApp in their work
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Morgan Stanley fined employees who used messaging platforms such as WhatsApp for business correspondence in the amount of several thousand to more than a million dollars. This was reported to Reuters by sources.
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Amount of fines
Fines ranged from a few thousand dollars for some employees to $1 million for others.
According to a source familiar with the situation, fine amounts were determined by factors such as the number of messages sent, length of service and whether employees had already received a warning.
The company took this step after the lender agreed to pay $200 million to the US Securities and Exchange Commission in 2021 to settle investigations into employee communications on messaging platforms that were not approved by the company.
The Wall Street Self-Regulatory Authority, the Financial Industry Regulatory Authority, requires broker-dealers to keep records of all business-related communications. The Securities and Exchange Commission (SEC) was investigating whether lenders were monitoring employees’ digital communications.
In September, the SEC fined 16 financial companies, including major global banks, a total of $1.8 billion after employees discussed transactions on their personal devices and applications.
Since then, the investigation has expanded beyond broker-dealers to investment funds and consultants, according to four people familiar with the investigation, the agency reported in October.
Source: Ministry of Finance
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