News that multiple US regulators have opened investigations into Morgan Stanley’s wealth-management business to assess how the Wall Street firm handles and oversees potentially risky clients came as a big shock when it broke on Thursday this week. Maybe it shouldn’t have.
According to reporting from The Wall Street Journal, officials at the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency and the US Treasury are asking if the bank does enough to scrutinise wealthy clients and stymie potential money laundering.
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