Jul 23, 01:29 AM

FINRA Investigates Morgan Stanley’s Wealth Unit Over AML Vetting

The Financial Industry Regulatory Authority has opened an investigation into Morgan Stanley’s wealth-management division to determine whether the bank adequately screened clients for money-laundering risks, according to a report by The Wall Street Journal. The probe is examining the firm’s risk ratings, enhanced due-diligence procedures and ongoing monitoring of accounts from October 2021 through September 2024, with particular attention to customers from jurisdictions associated with corruption and drug trafficking. FINRA’s review adds regulatory pressure on one of Wall Street’s largest wealth managers, which oversees trillions of dollars in client assets. Details on potential findings or sanctions have not been disclosed.

#Financial Industry Regulatory Authority #Morgan Stanley #The Wall Street Journal #Wall Street

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Sources

Bloomberg@business
1 year ago
Morgan Stanley is reportedly being probed by the Financial Industry Regulatory Authority over its vetting of clients for risk of money laundering https://t.co/bTOXh6Izmn
Nate Sibley@NateSibley
1 year ago
Finra, Wall Street’s self-regulator, is probing Morgan Stanley over its wealth management services for clients from countries known for corruption and drug trafficking. https://t.co/bP0IttVXfq
The Wall Street Journal@WSJ
1 year ago
Exclusive: Morgan Stanley is being probed by the Financial Industry Regulatory Authority over whether the Wall Street giant properly vetted its wealth-management clients for money laundering risks https://t.co/MvgegPDTSe

FINRA Investigates Morgan Stanley’s Wealth Unit Over AML Vetting

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