In 2022, it was recorded that WhatsApp has two billion users in the world.
In 2021, WhatsApp’s usage base in Mexico amounted to 74 million active users per month.
WhatsApp is used for being an easy and fast means of communication.
Social networks are for many a great connection and communication tool between people around the world, but they can also become a dangerous tool if not used properly. Given this, many companies are already beginning to look at the platforms that their employees can use daily, especially if they are tools that they use in their day-to-day work, such as Morgan Stanley, which seeks to crack down on the misuse of WhatsApp and other applications to conduct official business.
The WhatsApp instant messaging platform has scaled around the world, gaining millions of users to communicate. According to data from a DataReportal study, it registers 1.3 billion users, where its use can vary in many aspects, but the main thing is that it is an easy, safe and fast way to communicate.
Morgan Stanley fines employees
After several inconveniences that the financial company Morgan Stanley has registered, in a report it reported that it will impose fines of more than one million dollars on its bankers (around 19 million Mexican pesos). for the improper use of WhatsApp and other applications to conduct official business.
The sanctions were enacted after Morgan Stanley agree to pay $200 million to federal regulators for rampant use of WhatsApp to conduct official business within the banking industry.
According to the information, bankers who have misused WhatsApp could be fined from “a few thousand dollars to more than a million dollars” per person.
Likewise, the scope of the infringement, as reported by the Financial Times, citing sources with knowledge of the matter, the size of each fine is supposedly determined by a rating system based on factors such as whether the WhatsApp messages were a first offense, how many messages were sent, and the total number of messages.
Fines will be taken from future pay of the offending employee or will be recovered from any prior bonuses they have received. Additionally, Morgan Stanley has begun training its employees on scenarios in which they should switch conversations from their personal devices to official work channels.
In 2021, the SEC launched an investigation into digital communication practices at major US banks, where the agency sought information on whether banks had been adequately tracking employee conversations on official business.
So in September, the SEC fined 16 financial firms, including major global banks, for a combined $1.8 billion after staff discussed deals and trades on their personal devices and apps. Since then, the investigation has expanded beyond stockbrokers to mutual funds and advisers, according to four people familiar with the investigation.
On that occasion it was reported that US regulators require that brokers keep clear records of their work-related communications.
In the same context, last August, Morgan Stanley revealed that it would pay a $125 million fine to the SEC and a fine of 75 million dollars to the Commodity Futures Trading Commission to resolve their respective investigations into the use of WhatsApp.
Meanwhile, other financial institutions, including Goldman Sachs and UBS, have paid similar fines.
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