Multiple U.S. regulators have joined the probe into Morgan Stanley’s efforts to prevent potential money laundering by its wealth clients, according to a report from The Wall Street Journal.
The Securities and Exchange Commission, the Office of the Comptroller of the Currency and other offices within the Treasury Department are examining whether the bank has adequately investigated the identities of high net-worth clients and the sources of their wealth and implemented robust controls to mitigate money laundering risks, people familiar with the matter told the publication. The regulators are examining Morgan Stanley’s international clients as well.
