{"id":1242055,"date":"2023-01-28T11:52:57","date_gmt":"2023-01-28T06:22:57","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1242055"},"modified":"2023-01-28T11:53:28","modified_gmt":"2023-01-28T06:23:28","slug":"this-153-year-old-company-imposes-rs-8-crore-penalty-on-employees-for-using-whatsapp","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/this-153-year-old-company-imposes-rs-8-crore-penalty-on-employees-for-using-whatsapp\/","title":{"rendered":"This 153-Year Old Company Imposes Rs 8 Crore Penalty On Employees For Using Whatsapp!"},"content":{"rendered":"\n<p>Morgan Stanley has imposed financial penalties on employees who used messaging platforms such as WhatsApp for company business.<\/p>\n\n\n\n<p><strong>How fines are determined<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-4-8-1280x720-1-1024x576-1-1280x720-1-1024x576.jpeg\" alt=\"This 153-Year Old Company Imposes Rs 8 Crore Penalty On Employees For Using Whatsapp!\" class=\"wp-image-1242061\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-4-8-1280x720-1-1024x576-1-1280x720-1-1024x576.jpeg 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-4-8-1280x720-1-1024x576-1-1280x720-1-300x169.jpeg 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-4-8-1280x720-1-1024x576-1-1280x720-1-768x432.jpeg 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/01\/Untitled-design-4-8-1280x720-1-1024x576-1-1280x720-1.jpeg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The penalties ranged from several thousand dollars for some staff to more than $1 million per employee.<\/p>\n\n\n\n<p>The penalties are based on a points system which takes into account factors such as the number of messages sent, the banker\u2019s seniority, and whether they received prior warnings.<\/p>\n\n\n\n<p>Depending on the size of the penalty, the funds have either been deducted from previous bonuses or will be docked from future pay.<\/p>\n\n\n\n<p><strong>Heavy price to pay<\/strong><\/p>\n\n\n\n<p>This development comes after a scandal that damaged the group\u2019s reputation and as a result had to pay $200 million in regulatory fines to the U.S. Securities and Exchange Commission in 2021.<\/p>\n\n\n\n<p>They had to pay up in order to resolve probes into employee communications on messaging platforms that had not been approved by the company.<\/p>\n\n\n\n<p>The latest news comes amid a wide-ranging crackdown on Wall Street by US regulators over the use of personal phones and unapproved apps.<\/p>\n\n\n\n<p><strong>Keep track of employees using personal device for business<\/strong><\/p>\n\n\n\n<p>The Financial Industry Regulatory Authority requires broker-dealers to keep records of all business-related communications.<\/p>\n\n\n\n<p>The SEC has been investigating whether lenders have been keeping a track of employees&#8217; digital communications.<\/p>\n\n\n\n<p>In September it had fined 16 financial firms, including major global banks, a combined $1.8 billion due to staff discussing deals and trades on their personal devices.<\/p>\n\n\n\n<p><strong>The fallout<\/strong><\/p>\n\n\n\n<p>Other <a href=\"https:\/\/www.ft.com\/content\/37ee13fe-af56-41bd-ab27-6b3f842352bf\">banks <\/a>such as Credit Suisse and HSBC have fired bankers embroiled in the scandal too.<\/p>\n\n\n\n<p>The probe has since broadened to go beyond broker-dealers to investment funds and advisers.<\/p>\n\n\n\n<p>Some banks that were fined have told employees that future pay and bonuses will be docked for those found to have used unauthorized communication channels.<\/p>\n\n\n\n<p>Financial firms are also scouring employees&#8217; phones and personal computers in a widespread effort to show the regulators that they are punishing <a href=\"https:\/\/www.reuters.com\/business\/finance\/morgan-stanley-hit-bankers-with-up-1-mln-penalties-messaging-breaches-ft-2023-01-26\/?utm_campaign=fullarticle&amp;utm_medium=referral&amp;utm_source=inshorts\">breaches <\/a>of communications policies.<\/p>\n\n\n\n<p><strong>Lesson seemingly learned<\/strong><\/p>\n\n\n\n<p>Morgan Stanley now conducts training sessions explaining scenarios when they should shift conversations on personal devices to official channels such as their work email.<\/p>\n\n\n\n<p>This can include even seemingly harmless instances where colleagues are exchanging messages about the time or location of a meeting.<\/p>\n\n\n\n<p>This is because these apparently trivial messages often lead to more material discussions.<\/p>\n\n\n\n<p>Many banks now <a href=\"https:\/\/www.ft.com\/content\/37ee13fe-af56-41bd-ab27-6b3f842352bf\">require <\/a>employees to take a picture of work-related messages on personal devices and forward them to the compliance departments so that they can be preserved.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morgan Stanley has imposed financial penalties on employees who used messaging platforms such as WhatsApp for company business. How fines are determined The penalties ranged from several thousand dollars for some staff to more than $1 million per employee. The penalties are based on a points system which takes into account factors such as the [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1242061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[698,114],"class_list":["post-1242055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-morgan-stanley","tag-whatsapp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This 153-Year Old Company Imposes Rs 8 Crore Penalty On Employees For Using Whatsapp! - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/this-153-year-old-company-imposes-rs-8-crore-penalty-on-employees-for-using-whatsapp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This 153-Year Old Company Imposes Rs 8 Crore Penalty On Employees For Using Whatsapp! - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Morgan Stanley has imposed financial penalties on employees who used messaging platforms such as WhatsApp for company business. 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