--- title: OCC Assessed $60m Penalty Against Morgan Stanley description: The bank failed to exercise proper oversight of the 2016 decommissioning of two data centers. image: https://articles.marketsmedia.com/hubfs/Imported_Blog_Media/iStock-599903446-May-12-2022-09-30-51-23-AM.jpg --- ![websites-group](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/new-MMG-01.svg) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-new-marketsmedia-logo.svg)](https://www.marketsmedia.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-traders-redlogo.svg)](https://www.tradersmagazine.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-bestexe-logo.svg)](https://www.bestexecution.net/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-menu-fidesk-logo.svg)](https://www.fixglobal.com/) [![](https://articles.marketsmedia.com/hubfs/raw_assets/public/MarketsMedia_August2021/images/dropdown-fixglobal-new-logo.svg)](https://www.fixglobal.com/) - [*Facebook*](https://www.facebook.com/MarketsMedia/) - [*Twitter*](https://twitter.com/marketsmedia) - [*Linkedin*](https://www.linkedin.com/company/markets-media-llc) - [Newsletter](https://articles.marketsmedia.com/occ-assessed-60m-penalty-against-morgan-stanley#popup-newsletter) #### Want the latest news on securities markets -- FREE? 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("the banks") The OCC took these actions based on the banks’ failure to exercise proper oversight of the 2016 decommissioning of two Wealth Management business data centers located in the U.S. Among other things, the banks failed to effectively assess or address risks associated with decommissioning its hardware; failed to adequately assess the risk of subcontracting the decommissioning work, including exercising adequate due diligence in selecting a vendor and monitoring its performance; and failed to maintain appropriate inventory of customer data stored on the decommissioned hardware devices. https://twitter.com/USOCC/status/1314269462229467136 In 2019, the banks experienced similar vendor management control deficiencies in connection with decommissioning other network devices that also stored customer data. The OCC found the noted deficiencies constitute unsafe or unsound practices and resulted in noncompliance with 12 CFR Part 30, Appendix B, "Interagency Guidelines Establishing Information Security Standards." The OCC penalty will be paid to the U.S. Treasury. Source: OCC [Share](https://www.facebook.com/share.php?u=https://articles.marketsmedia.com/occ-assessed-60m-penalty-against-morgan-stanley) [Tweet](https://twitter.com/intent/tweet?text=US+ETFs+Have+Record+Net+Inflows&url=https://articles.marketsmedia.com/occ-assessed-60m-penalty-against-morgan-stanley) [Share](https://www.linkedin.com/cws/share?url=https://articles.marketsmedia.com/occ-assessed-60m-penalty-against-morgan-stanley) ![email](https://articles.marketsmedia.com/hubfs/Markets%20Media/email.svg) ### NEWSLETTER SIGN UP And receive exclusive articles on securities markets ### Related articles 1. 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