Morgan Stanley to pay $60 million penalty for insufficient oversight of data centers
October 8, 2020
WASHINGTON (Reuters) – Morgan Stanley will pay a $60 million penalty after a U.S. banking regulator found the firm lacked proper oversight as it decommissioned two business data centers.
The Office of the Comptroller of the Currency said the bank failed to properly monitor an outside vendor as it wound down the data centers in 2016, and failed to maintain inventory of customer data. The regulator said the bank had similar vendor management issues in 2019 when decommissioning other network devices.
(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)