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Morgan Stanley's wealth-management unit is under scrutiny by multiple federal regulators, including the SEC, Treasury, and OCC, according to reports from the Wall Street Journal. The probes are focused on how the bank investigates the identities of prospective clients, their sources of wealth, and monitors clients' financial activities to prevent potential money laundering. Following the news of these investigations, shares of Morgan Stanley dropped by as much as 6.5%.
Morgan Stanley's wealth arm under probe by multiple regulators, WSJ reports https://t.co/GIFbg9okgt https://t.co/NP1fi27opq
Morgan Stanley dropping on reports of a probe into how the investment bank vets its wealth management clients. @karenfinerman, @timseymour, @GuyAdami and @grassosteve weigh the implications ahead of bank earnings. $MS https://t.co/pHJE46ccxW
LISTEN NOW: Shares of Morgan Stanley fell after a report that multiple federal agencies are looking into how its wealth management unit vets clients for money laundering risks. Listen to the @CNBCFastMoney podcast here: https://t.co/2KdGymzp3L https://t.co/IVQZmPK2MN
