The limit is based on the underlying messagebox. It might be at around 1000 characters.
However, I doubt the effectiveness of this method as nobody is going to read it especially if it is too long. Also, only people logging in interactively would see this message but not people who gain remoter access. Finally, this thing is absolutely annoying and you won't make a lot of friends with this.
A better solution is to have a written policy trhat every employee has to sign. This policy will hold up in court if worded correctly as the employee acknowledges to adhere to the policy by signing it, thus creating a contract-like agreement.
Search the KiXtart BBS as we've already had a couple of discussions about this.
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There are two types of vessels, submarines and targets.