According to the Office of the Comptroller of the Currency’s consent order, citing two instances of decommissioning (in 2016 and 2019), Morgan Stanley “engaged in unsafe or unsound practices that were part of a pattern of misconduct.”
The Wall Street firm, which neither admitted nor denied the claims, said in a statement that it has “instituted enhanced security procedures, including continuous fraud monitoring, and will continue to strengthen the controls that we have in place to protect our clients’ information.”