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Morgan Stanley’s wealth-management arm is being scrutinized by the Federal Reserve, which is trying into whether or not the financial institution has adequate controls in place to forestall wealthy international clients from laundering cash.
The Fed has been probing how Morgan Stanley vets foreigners and the origins of their cash earlier than taking them on as clients, based on folks aware of the matter. What began out as a routine overview a couple of years in the past escalated after regulators discovered the financial institution’s due diligence on purchasers and anti-money-laundering efforts missing.
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