Multiple federal regulators are reportedly investigating Morgan Stanley (NYSE:MS) over its client vetting processes amid concerns of potential money laundering within its wealth-management division.
The Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency, and other Treasury Department offices are involved, alongside the Federal Reserve, which initiated a similar inquiry last November, signaling potential supervisory actions, reported The Wall Street Journal.
The investigation primarily focuses on Morgan Stanley’s diligence in identifying prospective clients, the source of their wealth, and ...